Consumer price inflation in Pakistan increased year-on-year to 35.37% in March, the country’s statistics bureau said on Saturday. This was the highest inflation rate since 1965, according to Dawn.
In February, the inflation rate was recorded at 31.5%, which was at the time the highest since 1974.
According to the data released on Saturday, annual food inflation in March was 47.1% and 50.2% for urban and rural areas in Pakistan.
The inflation numbers came a day after eight women and three children were killed in a stampede at a food distribution centre in Karachi, reported Al-Jazeera. So far, 21 persons have died in such incidents since last week.
Foreign Minister Bilawal Bhutto Zardari said that an investigation has been ordered into the incident.
Pakistan’s economy has been in dire straits due to dwindling foreign exchange reserves. The record-high inflation in the country has left citizens struggling to afford basic food items.
The country’s economic crisis was exacerbated by last year’s devastating floods that displaced nearly 3.3 crore people of its 23 crore population and destroyed crops over large tracts of land.
Also Read: Pakistanis are eating and travelling less to cope with sky-high inflation
On Friday, a monthly economic outlook report issued by Pakistan’s Finance Ministry projected inflation would remain elevated, reported Reuters.
It cited market friction caused by relative demand and supply gaps of essential items, exchange rate devaluation, and the recent fuel price rise as reasons behind it.
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