Inflation in Pakistan rises to 9 pc with decreasing per capita income
Nov 07, 2021
Islamabad [Pakistan], November 7 : The inflation in Pakistan has risen to 9 per cent with per capita income decreasing to USD 1,260 in 2021, posing a major challenge for the Pakistan Tehreek-e-Insaf (PTI) government, amid protests by the opposition, reported local media.
The country's GDP had earlier increased by 36 per cent during the government of the Pakistan People's Party (PPP) from 2008-13.
And in the government of the Pakistan Muslim League-Nawaz (PML-N) from 2013-2018, the country's economy also increased by 36 per cent but it nosedived by 16 per cent from 2018-2020.
Therefore the per capita income that stood at USD 1,482 in 2018 tumbled to USD 1,194 in 2020 which has been estimated by IMF at USD 1,260 in 2021 still showing the fact that the purchasing power parity has eroded a lot, reported The News International.
In the PTI government, the US dollar has been recording a strong surge against the Pakistani rupee.
The bad governance and wrong decisions at the highest level of first exporting sugar then importing it and the same with wheat and flour coupled with discouraging cultivation of pulses and cotton also played a vital role in increasing the food inflation and importing over USD 1 billion cotton further resulted in the devaluation of the rupee. And in the wake of worsening exchange rate, petrol price per litre now stands at Rs 145.82, according to The News international.
The Pakistani government is holding global inflation responsible for the inflation which is untrue.
The government is trying to develop a narrative that inflation is a global phenomenon and it has affected the country through managing footage of Pakistanis living in foreign nations especially in the US and the UK that inflation has also gripped them.
