Inflation in Pakistan reached a record level of 50 years during April. Inflation continues to rise due to high food prices, weak currency and rising oil prices.

Pakistan’s Bureau of Statistics said on Tuesday that consumer prices rose to 36.4 percent in April from a year earlier, the highest since 1964.

Pakistan’s inflation rate is also the highest in South Asia and is above 35.4 percent in March. The bureau said food inflation in rural areas of Pakistan has been recorded at 40.2 percent.

The data showed that transport prices soared 56.8 per cent in April, while food inflation shot up to 48.1 per cent. The bureau said food prices rose 2.4 percent in March to April.

Pakistan’s Finance Ministry said that inflation may remain at a high level in the coming months. The next monetary policy of the central bank is due on June 12.

Last month, the State Bank of Pakistan raised its benchmark interest rate to 21 percent to curb inflation.

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Source: Weekly Blitz :: Writings