People in Pakistan are craving for food | Pakistan Economic Crisis- Watch Video

04 Mar, 2023 Author: Saumya Jaiswar

According to new data released by the Pakistan Bureau of Statistics, Pakistan's inflation exceeded all prior records in February as a result of the country's deepening economic crisis, with the consumer price index reaching 31.5%. (PBS).

At the monetary policy committee (MPC) meeting on Thursday, which is set to take place, the immediate effects of high inflation rate will be on display. Experts predict that the committee will, in all likelihood, increase interest rates.

This is the first time Pakistan's inflation has surpassed the threshold of 31.5 percent since data collection began in July 1965. The inflation rate in April 1975 was about the same as in February but remained at 29%.

The south Asian nation is quickly heading towards hyperinflation and is currently the 17th most expensive country in the world. Hence, the purchasing power of common people has drastically decreased due to the Pakistan Rupee's sharp reduction in value.