ISLAMABAD: According to the data shared by the Pakistan Bureau of Statistics (PBS) here on Tuesday, Pakistan has recorded its highest inflation at 11.5 per cent, up from previously 9.2, in the last 20 months.
The highest inflation is attributed to ever-depreciating rupee value combined with hike in oil prices globally. The Consumer Price Index (CPI) indicates that the inflation is at its highest since February last year when it had risen to 12.4pc.
Meanwhile, the prices of basic commodities have also risen sharply in all parts of the country, making the survival a lot more difficult for the common man.
The CPI had gone down drastically in fiscal year 2020-21 to 8.90pc, down from previously 10.74pc during FY2019-20. The downward trend in the CPI during the last fiscal year had more to do with the fact that Covid-curbs had limited the imports, thereby reducing the trade deficit.
The current inflation, on the other hand, has also more to do with the fact that the freight costs have increased manifold due to a surge in crude oil prices globally.
PRIME MINISTER CONGRATULATES FBR
Prime Minister Imran Khan on Wednesday sent out a tweet, congratulating the tax-collecting body, Federal Board of Revenue (FBR), for “achieving a 35% increase in revenues in November over last year and 37% increase in the five months over last year.”
Congratulations to the FBR team for achieving a 35% increase in revenues in November over last year and 37% increase in the five months over last year. pic.twitter.com/b9SfNy2OmH
— Imran Khan (@ImranKhanPTI) December 1, 2021
One of the key conditions by the International Monetary Fund for the revival of its $6 billion Extended Fund Facility is to increase the tax collection revenue – something that the Pakistan Tehreek-i-Insaf government was already doing before. The common man, however, has to bear the brunt of inflation.