Pakistan records all-time high inflation

KARACHI, Pakistan

Pakistan’s annual inflation reached an all-time high in May, hitting almost 38%.

Inflation rose to 37.97% year-on-year last month, showing a persistent uptick in the highest-ever inflation in the country, according to the Statistics Bureau of Pakistan on Thursday.

It was 36.4% in April, which at the time was the highest on record.

The month-on-month rise in May was 1.58%, the bureau said in a statement, adding that vegetables, pulses and chicken prices posted the biggest increase.

The inflation rate in Pakistan averaged 8.18% from 1957 until 2023, with a record low of -10.32% in February 1959.

Inflation in the South Asian nation of over 220 million people is the highest in the region.