Pakistan’s inflation rate reached a record high of 38% in May, according to data released by the country’s Bureau of Statistics.
The data showed that the Consumer Price Index (CPI) rose by 38.04% in May compared to the same month last year. This is the highest inflation rate in Pakistan since 1998.
Higher prices for food, fuel, and transport drove the rise in inflation. The food inflation rate rose by 25.68% in May, while the fuel inflation rate rose by 58.63%. The transport inflation rate rose by 32.33%.
The government has taken several measures to control inflation, including raising the policy rate and imposing a ban on imports of non-essential goods. However, these measures have not yet had a significant impact on inflation.
The high inflation rate is putting a strain on household budgets and is likely to slow economic growth.