ISLAMABAD: Inflation rate in Pakistan has reached the highest level in the country’s history.
The Federal Bureau of Statistics (FBS) released the monthly inflation figures, according to which the inflation rate in the country increased by 2.9 percent during January and the inflation rate in the country reached the level of 27.6 percent.
According to the FBS, the overall inflation rate from July 2022 to January 2023 was recorded at 25.40 percent, while the overall inflation rate from July 2021 to January 2022 was 10.26 percent.
According to the Bureau of Statistics, the rate of inflation in urban areas increased by 2.4 percent in January and the rate of inflation in urban areas was 24.4 percent, while the rate of inflation in rural areas increased by 3.6 percent during January and the rate was 32.3 percent.
Earlier, the World Bank had said that Pakistan’s economy is suffering from severe problems and inflation in the country is at the highest level since the 1970s.
The World Bank has released a report on the global economic impact, in which it is said that the global economy is facing a slowdown due to many reasons, including the Ukraine-Russia war.
The report states that Pakistan’s economic growth rate is likely to be 2 percent due to floods in the current financial year. Earlier, the World Bank predicted 4 percent GDP growth for Pakistan.
According to the World Bank, Pakistan is facing difficult economic conditions. The recent worst floods and political uncertainty are the main reasons for Pakistan’s difficult economic conditions, Pakistan is facing severe external debt repayment risks.
Inflation at 24.5 percent in December, the highest since the 1970s, the World Bank says with floods in Pakistan costing 4.8 percent of GDP.
