Pakistan's inflation rate rose to 13.76 percent in May, the highest in two-and-a-half years. Inflation this year has been higher than it has been in several years, reports the Daily Times. Let us tell you that the previous Pakistani government Tehreek-e-Insaf (PTI) led by Imran Khan had some very impressive plans. Like health cards, in which the government had to spend huge amounts of cash. Due to this, there was unnecessary pressure on the currency reserves at a very crucial time. This led to increased borrowing pressure and which pushed the prices upwards.
According to the Daily Times, Shaukat Tarin's first budget as Finance Minister of the Pakistani Tehreek-e-Insaf Party (PTI), suddenly went beyond the methods prescribed by the IMF. This budget also created false expectations and closed the trades of investors, which had to be withdrawn due to the mini-budget. The decision to freeze petrol prices in February, for purely political reasons, widened the current account deficit and also stalled the bailout program.
The new Shahbaz Sharif government also did not stop the pace of uncontrollable inflation
The Shahbaz Sharif government, led by the New Pakistan Muslim League-Nawaz (PML-N), also did not help matters with its paralysis. This delayed the decision to raise prices to prevent political backlash, which further escalated inflation. The primary contributor to the rise in inflation is the rise in international commodity prices and the depreciation of the Pakistani rupee further pushing up the inflation rate.
Know what is inflation?
Due to the decrease in the price of money over time, the price of a commodity has to be paid more, then this condition is called inflation. Explain that due to inflation, the prices of goods and services increase, which affects the fixed income group. Thus the fixed income group suffers losses due to inflation.
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