December 3, 2021
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Pakistan – the fourth expensive country in the world

Pakistan - the fourth expensive country in the world

 Pakistan  Pakistan

Pakistan, in terms of inflation, has ranked fourth of 43 countries in the world.

In September, the rate of inflation in Pakistan touched 9%.

In contrast, the inflation rate in India was at 4.3% – taking the 16th position on the sheet of most expensive countries.

According to the report, the highest inflation in the world is in Argentina – currently at 51.4%.

Read Also | Pakistan for preferential trade deals with UAE, Saudi Arabia, Oman

Turkey, on the other hand, ranks second with an inflation rate of 19.6%, followed by Brazil – 10.2%.

As per the international publication, Japan’s inflation is -0.4%.

The month of September, in Pakistan, saw a fresh round of increased prices in consumer items as inflation touched 9% from 8.4% in August, signified by the data released by the Pakistan Bureau of Statistics (PBS).

It merits mentioning that on a month-on-month basis, Pakistan’s inflation surged by a whopping 2.1% owing to changes in three indices —  housing, food, and construction.

Furthermore, the Wholesale Price Index (WPI) also surged sharply by 19.6% in September. It was at 4.3% in the same month about a year ago.

For the ongoing fiscal year, the government has set the inflation target at 8.5%, showing that the year-on-year inflation rate may remain in double digits in this fiscal year – 2021-22.

The PBS reported that the overall inflation rate in the urban and rural areas recorded a hefty spike. The inflation rate in Pakistan’s urban areas edged up by 9.1%, and rural areas spiked to 8.8%  in September. Last year, inflation in urban areas of Pakistan was recorded at 7.7%. In rural areas, it was recorded at 8.4%.

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