In Pakistan, inflation surpassed all previous records, reaching 31.5% in February as a result of substantial rises in the cost of food and transportation.
On Wednesday, the Pakistan Bureau of Statistics (PBS) announced new inflation figures, increasing the chance that interest rates will rise further at the March 2 meeting of the monetary policy committee (MPC).
The annual inflation rate rose to 31.5% in February, the highest level seen since records were first made available in July 1965. The inflation rate was little over 29% when it was last measured in April 1975.
Over January, the monthly inflation rate climbed by 4.3% in February.
According to the inflation reading, the administration will need to reconsider its proposal to release the critical $1.1 loan tranche from the International Monetary Fund (IMF). The public are witnessing a succession of shocks as a result of the government’s incapacity to make up lost ground with the IMF.
The core inflation rate, which is calculated after excluding volatile energy and food costs, also soared last month to 17.1% in urban areas and 21.5% in rural areas, indicating that price increases are accelerating across the bulk of good and service categories.
