Pakistan’s annual inflation rate has hit 37.97% in May according to the statistics bureau, a national record for the second month in a row. The announcement on Tuesday worsens the economic crisis in the country as bailout talks with the International Monetary Fund remain stalled and there is a risk of defaulting on debts.
The consumer price index was at 36.5 percent, not only highest in the country but also in the South Asian region. The month-on-month rise was 1.58% in May due to rising prices of food items, fuel and gas prices. Inflation has been on an upward trend in the country since earlier this year due to painful government measures that were part of fiscal adjustments demanded by the IMF to unlock stalled funding.
Read More: Pakistan inflation hits record for second consecutive month
