Image Source: Hindustan Times

Nothing is cheap: Pakistan’s inflation is at a record high, the highest level in 58 years.

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According to the Pakistan Bureau of Statistics, monthly inflation soared to 31.6% in February over the previous year. A product basket known as the Consumer Price Index is used to calculate monthly inflation (CPI). According to data, prices rose at the fastest rate ever recorded in Pakistan’s history in February. Food and transportation costs contributed to the inflationary spike, which has analysts worried that “families will have to make choices and sacrifices,” according to Pakistan’s Dawn.

According to research firm Arif Habib Ltd, this is the highest annual rate recorded since data have been available, or since July 1965. The firm also predicted that inflation would continue to rise over the next few months. After being above 20% for eight months, from June to January, inflation topped 30% last month. According to the data, inflation was 12.2% in February of last year. Transport, food and non-alcoholic beverages, alcoholic beverages and tobacco, and recreation and culture all saw an increase in expenditures of almost 50% as a result.

The pace of price growth in February was the greatest since October, when it was 4.7%. In the meantime, amid worries about a stalled International Monetary Fund (IMF) deal, the Pakistani rupee fell by approximately PKR 19 versus the US dollar before to the central bank’s monetary policy review. As it negotiates an agreement with the IMF to secure more than USD 1 billion in assistance, Pakistan has been implementing tough austerity measures.

According to a report by Geo News quoting the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) surged by 9,400 per tola and 8,058 per 10 grammes to settle at 206,500 and 177,040, respectively, following a historic decline in the Pakistani rupee against the US dollar.

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