Tag: High inflation
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Inflation has eroded purchasing power of Pakistanis: Bloomberg
A recent Bloomberg report reveals that Pakistan is facing the highest inflation rate in its region.
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Pakistan’s inflation rate drops to 29.40% in June: Citizens’ purchasing power remains under pressure
The Pakistan Bureau of Statistics (PBS) has released the latest data on the country’s inflation rate for June, indicating a slight decline compared to May. According to the report, the inflation rate for June stood at 29.40 per cent, showing an increase of 8.1 per cent compared to the same period last year.
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Low salary, high inflation: FBR officer seeks PM’s permission to engage in corruption
A Grade 17 officer of the Inland Revenue Service (IRS) in Pakistan’s Federal Board of Revenue (FBR) has allegedly written a letter to Prime Minister Shehbaz Sharif requesting permission to start engaging in corrupt activities from April 1. The officer claims that he has faced difficulties in meeting his expenses due to his low salary…
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Pakistan faces second-highest food price inflation in South Asia: World Bank report
According to the World Bank’s “Food Security Update,” the consumer price inflation for food items in Pakistan in February 2023 on a year-on-year basis was 45.1 per cent, which is the highest in South Asia after Sri Lanka, which experienced 54.4 per cent inflation. The report further states that domestic grain and wheat flour prices…
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Pakistan receives $500m in first installment of $1.3 billion Chinese loan
On Friday, Pakistan’s Finance Minister Ishaq Dar announced that the Industrial and Commercial Bank of China (ICBC) has approved a facility of $1.3 billion, of which the first installment of $500 million has been received by the State Bank of Pakistan. The facility is expected to be disbursed in three installments and will help increase…
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Turkey: Food prices surged by 89 per cent, transportation costs increased by 106 per cent
Turkey’s inflation rate skyrocketed to almost 70 per cent last month, creating a substantial challenge for President Recep Tayyip Erdogan, whose unusual economic strategies are frequently blamed for the country’s economic woes. Erdogan, defying economic conventional wisdom, insists that major interest rate cuts are essential to reduce spiralling consumer costs. Turkey’s consumer price index (CPI)…