Pakistan hit by Record breaking 36% of its inflation rate
Pakistan was recently impacted by massive inflation rates. The inflation rate is the highest ever rate recorded since the last decade. Inflation has worsened the country’s economic growth, which is already unstable since the COVID-19 pandemic.
According to a recent report by the Pakistani English daily, Dawn, inflation has soared nearly three times in the past year. Last year, inflation was recorded at 12.72pc. The regular household goods have increased to a massive 36% when completed to the last year.
What is inflation?
The increase in the regular goods and services in a nation is called inflation. The citizens of the nation will face purchase power problems and a reduction in the purchasing power of money by the citizens of the nation. When inflation occurs, the citizens of a country can’t even afford their daily household needs.
Pakistan is currently facing such a situation due to the instability in their economy which started from the Covid-19 pandemic and the recent inflation made it worse.
The reason for Pakistan’s inflation
The main cause of the inflation in the nation is because of irresponsible money printing by the government. The Pakistani government has printed a lot of PKR to pay the debts in huge amounts. This has resulted in a decrease in the value of the Pakistan rupee when compared to the US dollar.
- The purchasing power of the country got the worst hit due to the inflation rates. The government of Pakistan’s policies to protect the financial conditions of the nation are also not implemented and simply brought consequences for the nation in the form of a record inflation rate.
- There are even multiple instances in cities like Lahore where people even fight with each other to get free dough and food which also lead to harm to multiple innocent citizens of Pakistan.
- One of the main economic streams of Pakistan—the import economy, may not be able to handle its local currency because of the impact of the recent inflation.
The inflation in Pakistan is not an example of something unexpected. The poor financial schemes and the irresponsible money distribution by the government have paved the way for inflation. The massive decrease in the purchasing power of the Pakistan rupee impacted the citizen’s affordability to purchase even daily needs showing the impact of inflation on the country.
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