Pakistan inflation rises to 48-year-high of 27.55%: Report
Pakistan inflation: Consumer prices rose 27.55% from a year earlier, according to data released by the statistics department on Wednesday. Consumer prices rose 27.55% from a year earlier, according to data released by the statistics department on Wednesday.(REUTERS)
Pakistan’s inflation quickened to the fastest in almost 48 years in January as thousands of containers of food items, raw materials and equipment are stuck in ports after the cash-strapped government curtailed imports.p
Consumer prices rose 27.55% from a year earlier, according to data released by the statistics department on Wednesday. That compares with a median estimate for a 25.9% gain in a Bloomberg survey and a 24.47% jump in December. Inflation is at the highest since May 1975, according to central bank data.
The latest reading comes a week after the State Bank of Pakistan increased its benchmark rate to the highest in more than 24 years to help stabilize an economy that’s spiraling deeper into crisis amid supply shortages, sky-high prices and funding crunch. Pakistan’s troubles worsened after last year’s devastating floods that amplified the impact of political turmoil and the fallout from the war in Ukraine.
