Inflation in Pakistan skyrocketed to the highest in half a century—making it the 17th most expensive country in the world—after the government massively raised energy and fuel prices coupled with the adverse impacts of currency devaluation and imports at a halt. The Consumer Price Index (CPI), the inflation monitor, rose to 31.5 per cent in February against the same period last year, the government said, beating the 30 per cent forecast of the finance ministry. It was the highest reading since 1973-74 when the index stood at 32.8 per cent. Pakistan’s inflation rate is likely to remain high because of currency devaluation, hike in electricity and gas tariffs and imposition of more taxes to meet the conditions agreed with the IMF. The rupee has lost 16.5 per cent of its value in the past month. Pakistan is now heading towards hyperinflation—a situation when prices are out of control and in the territory of a 50 per cent surge, reports The Express Tribune.
