Pakistan inflation hits nearly 50-year high amid devastating floods

Islamabad, Sep 1 (EFE).- Pakistan’s inflation increased to a nearly half-a-century high in August, according to the data released Thursday, as the country battles deadly floods that have exacerbated the skyrocketing prices.

Consumer prices rose 27.3 percent last month, compared with an increase of 24.9 in July, the Pakistan Bureau of Statistics said in a statement.

Official data showed that electricity prices in August were 123.3 percent higher than in the same month last year.

“This is the highest inflation since November 1973,” Pakistani investment bank Arif Habib claimed on Twitter.

Food inflation has surged for months in the country devastated by the worst floods in decades.

At least 1,100 people have died, and 33 million are affected by the floods that have caused an estimated $10 billion in damages.

Earlier this week, Pakistan secured $1.1 billion in loan from the International Monetary Fund to avert a default.

Pakistan is one of the countries most vulnerable to climate change and is often affected by natural disasters.

The United Nations has requested $160 million in aid to help the flood victims in Pakistan. EFE


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