Islamabad, 2 February 2023 (GNP): Owing to record-breaking currency depreciation, higher taxes, and rising electricity prices, Pakistan is experiencing its highest level of inflation. This is largely due to a double-digit increase in the cost of practically all basic items.
The Pakistan Bureau of Statistics (PBS) stated on Wednesday that the Consumer Price Index increased by 27.6% in January compared to January 2017, exceeding the finance ministry’s prediction of a 26% increase.
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Since the CPI reached 27.8% in May 1975, this is the highest rate. However, because of a significant breakdown in the supply of commodities, the rate increase is in accordance with market forecasts. Due to a lack of foreign money, around 9,000 containers of food, raw materials, and other imported commodities have been detained at Pakistan’s ports.
The economy has considerably slowed down, poverty and unemployment are on the rise, and prices are skyrocketing. The bulk of consumer goods’ costs remained unaffordable, and the greatest increase was seen in rural areas, where income levels are already low.