Pakistan has become Asia’s most expensive country, surpassing Sri Lanka

Pakistan has become Asia’s most expensive country, surpassing Sri Lanka

According to the report of the foreign news agency ‘Bloomberg’, the weak currency in Pakistan and rising food and energy costs pushed the price increase to the highest level in the region in April.

According to the data released yesterday by the Pakistan Department of Statistics, consumer prices increased by 36.4 per cent in April compared to a year ago, which is the highest increase since 1964.

The report said the data showed that Pakistan’s inflation rate had outpaced price growth in Sri Lanka, where prices fell to 35.3 per cent in April and showed signs of recovery from the economic crisis. are beginning to be seen.

The Pakistani rupee is one of the worst-performing currencies globally in 2023, depreciating by 20 per cent against the dollar and making imported goods more expensive.

A review of the data shows that transport prices rose by 56.8 per cent in April, while food inflation rose by 48.1 per cent from a year ago.

Apart from this, prices of clothes and shoes increased by 21.6%, and accommodation, water and electricity prices increased by 16.9%.

According to the report, there are fears of inflation in Pakistan after the authorities raised taxes and fuel prices to meet the IMF’s conditions for revitalizing the $6.5 billion loan program.

Due to inflation in Pakistan, every sector has been affected and the purchasing power of the people has decreased and a large number of citizens are looking for help.