Forever Rising | Inflation in Pakistan rises to 31.6% in February

Islamabad: Inflation in Pakistan rose to an all-time high of 31.6 percent in February.

Pakistan’s economy is facing a major crisis. Due to this, the import in the country has decreased to a great extent. As domestic production has also been severely affected, the prices of various goods and service charges are rising.

In this case, Arif Habib Corporation, a well-known business company based in Karachi, has released statistics on the decline in consumer prices in Pakistan. Accordingly, the consumer price index rose to 31.55 per cent for the month of February due to a sharp rise in food prices and transport charges.

The Consumer Price Index rose by around 4 per cent in February, up from 27.6 per cent in January. According to Arif Habib Corporation, this is the highest increase since consumer price index data has been maintained in Pakistan since 1965.

According to the information released by the Department of Statistics of Pakistan, rural inflation was 28.82 percent and urban inflation was 35.56 percent year-on-year. Pakistan’s finance ministry has attributed inflation to Pakistan’s political and economic environment, depreciation of the rupee against the dollar, increase in fuel costs and administrative expenses.

Meanwhile, the Government of Pakistan has said that steps are being taken to reduce the gap between supply and demand of essential commodities and is closely monitoring the situation.