By Zainab Ali
ISLAMABAD: Inflation has become the most significant concern worldwide, including Pakistan.
People need help to make both ends meet due to the economic crisis in the country. Prices of edible items have increased worldwide due to hikes in food and energy tariffs.
Foreign debt and Inflation
In September 2022, the inflation rate in Pakistan was 23.2 percent, while it raised to 26.6 percent in October. Analysts fear the country could end up like Sri Lanka. In 2023, Pakistan will pay back more than $26 billion in foreign debt.
Struggling with inflation
The people of Pakistan are struggling with inflation, and basic life necessities must be more affordable. Mansoor Ahmad, who was buying vegetables from a local market in Islamabad, told the World Echo about the high prices of vegetables saying, ‘’Petrol has become cheaper, but prices of other things have not come down; I urge the government to please think about the public.’’
Another local shared his views, saying, “What to talk about buying expensive and luxury items when vegetables are not available at affordable prices?’’
Floods in Pakistan
The continuous rise in prices of edible items has pushed Pakistani people under the line of poverty. Due to rising inflation, several charity organizations have set up pints to distribute free food among the poor. One of the many reasons for the high inflation rate is the recent floods in Pakistan. The floods displaced millions, causing as much as $40 billion in damage.
Pakistan’s economy
Pakistan has been struggling with the economy for decades now. The Pakistani rupee is continuously losing its value against US Dollar. Petrol prices rise to a new record every year, making it out of reach of ordinary citizens. As per Pakistan’s central bank, foreign exchange in Pakistan has declined to $6.7 billion, the lowest in the past four years. While politicians, on the other hand, are engaged in a bitter power struggle ignoring the economic condition of Pakistan.
