Pakistan’s Inflation hits 30-year high

KARACHI: Pakistan’s inflation hit a 30-year high in June, official figures showed Friday, with experts forecasting it will take at least six months to be reined in.

The Bureau of Statistics said in its August report that the consumer prices index jumped 25.33 percent from a year earlier, after reaching 24.33 percent in July. “We are facing super inflation in our country,” said Kaiser Bengali, an economist and head of the government’s poverty-alleviation based Benazir Income Support Programme.

“It will take a minimum of six months to get the inflation decreased if sustainable fiscal management is applied by the government,” he said. Bengali said Pakistan had been facing double-digit inflation for the last three years.

“Inflation increased during 2007-08 mainly due to increases in oil and food prices, and that happened in almost all the countries,” he said. Rauf Nizamani, an independent economist, however, said Pakistan might soon benefit from a decrease in oil and rice prices in the international market. afp

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