Inflation in Pakistan hits highest level of last 2 years
ISLAMABAD – Prices of basic commodities have skyrocketed as November inflation in Pakistan rises to 11.5 percent – a 21-month high.
Reports in local media said the inflation rises to 11.5 percent in November 2021 – the fastest pace in 21 months – in wake of the PTI government's stern decisions along with currency depreciation, which makes food, electricity, and transport too expensive to be afforded by an average person.
The Monthly Review on Price Indices released by the Ministry of Planning, Development & Special Initiatives and Pakistan Bureau of Statistics (PBS) shows that consumer inflation in the South Asian country accelerated at a fast pace in November due to rising prices as the Consumer Price Index (CPI) had last peaked in February 2020 – it was then recorded at 12.40percent.
The rising prices earlier declined after surging, mainly driven by a drop in prices of agricultural products while the trend is reversing now on the back of a rise in the prices of petroleum products.
The latest figure was also up from 9.2 percent the previous month as the Imran Khan-led government continues its struggle against inflation. This takes 5MFY22 average inflation to 9.32 percent YoY compared to 8.76 percent in 5MFY21, per reports.
Meanwhile, the officials have also admitted that rising inflation and external sector pressure were major challenges the PTI government was facing.
The sharp rise in prices of basic commodities compelled the government employees to stage a sit-in in front of parliament as workers demanded an increase in their salaries to offset the impact of soaring prices.
Islamabad had been in talks with the global money lender for several months to seek relaxation in the terms and conditions of the package.