Pakistan witnessing spike in inflation, touches 59 years figure
Islamabad: Pakistan is witnessing a spike in inflation to touch a 59 years figure of 36.4 percent in April, a situation believed to be caused due to the government’s missteps and administrative measures, media reports said.
A year ago when the Pakistan Tehreek-e-Insaf government tenure ended, the annual inflation rate was 13.4 percent, which skyrocketed within a year, reports The Express Tribune.
This underscores the economic mismanagement of the government of Prime Minister Shehbaz Sharif.
The Pakistan Bureau of Statistics (PBS) -the national data collecting agency -on Tuesday reported that the Consumer Price Index rose to 36.4 percent - a figure that may be accurate but still does not truly represent the harsh ground realities.
Except Iran where inflation was 53 percent, there was no parallel in the whole of Asia to Pakistan, suggesting that the inflationary wave was more because of domestic conditions than global economic factors, the newspaper reported.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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