ISLAMABAD: Inflation rate in Pakistan has hit a 50-year high. So far 20 people have been killed in a massive stampede at food distribution shops. Pakistan is facing financial crisis due to various reasons. As a result of this food shortage, there has been a problem in the availability of essential food items including rice, wheat and milk.
The prices of everything, not just food items, have increased drastically as the inflation rate continues to rise due to reduced production and imports. Pakistan’s consumer price index for March stood at 35.37 percent, according to a report released by the country’s investment firm Arif Habib Corporation on Pakistan inflation. It is said to be the highest in the last 50 years. It was 31.60 percent last February and 27.60 percent in January. Whereas the monthly inflation is 3.72 percent. The overall inflation rate was observed at 27.26 percent in the last year.
Ramadan fasting has begun as food prices have skyrocketed. In turn, people gathered at many places to buy food items distributed by charity organizations. 20 people were killed in the stampede. Meanwhile, cell phone manufacturing companies are closing because they are unable to pay their employees. As a result, more than 20,000 employees and their families are at risk of being affected.