Inflation, measured by the Consumer Price Index (CPI), surged to a new record high in April, as the country’s economic situation continued to worsen. Data released by the Pakistan Bureau of Statistics (PBS) showed that inflation jumped to 36.4% year-on-year in April.
It was recorded at 35.4% last month and 13.4% in April 2022. According to Bloomberg, Pakistan has the fastest rising prices in Asia, which have left behind even Sri Lanka where inflation was measured at 35.3% in the previous month.
Meanwhile, the month-on-month inflation was driven mainly by food, clothing, household equipment and recreation sub-indices. Housing was down due to a decline in electricity charges, she commented. Pakistan’s inflation has been elevated for months as the economic crisis worsened, the rupee depreciated sharply and devastating floods during last year’s monsoon season destroyed crops.