Pakistan’s Inflation Remains Lower than Iran and Turkey
Published on: October 17, 2023.
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Pakistan Faces High Inflation Among Regional States
In September 2023, Pakistan found itself in the third position among regional states with a high inflation rate of 31.4 percent, surpassed only by Turkey and Iran. This increase in inflationary pressures has had a significant impact on the economy.
Compared to other countries in the region, Sri Lanka witnessed a significant decrease in inflation. In September 2023, Sri Lanka’s inflation rate stood at 1.3 percent, a remarkable improvement from the alarming figure of 69.8 percent in the same month the previous year.
The recent decrease in Pakistan’s POL (Petroleum, Oil, and Lubricants) prices is expected to bring the monthly inflation rate below 30 percent. However, the country still has a long way to go in tackling inflationary pressures and stabilizing its economy.
Inflation Rates in Turkey and Iran
Looking at the inflation rates in Turkey, it stood at 61.5 percent in September 2023, a considerable decrease from 83.5 percent in the same month of the previous year. In Iran, the inflation rate was 39.5 percent in September 2023, a slight improvement from 39.6 percent in the corresponding month last year. Both countries are making efforts to address inflation and maintain economic stability.
Pakistan’s Monthly Inflation Rate
Pakistan’s monthly inflation rate stood at 31.4 percent in September 2023, placing it in the third position among regional states. Although there was a slight decrease from the previous year, when it was at 23.2 percent in the same month, more measures need to be taken to further stabilize the economy.
Inflation Rates in Other Countries
Compared to other countries in the region, Bangladesh recorded a monthly inflation rate of 9.6 percent in September 2023. Bhutan saw an inflation rate of 4.7 percent in August 2023, while India experienced a rate of 5 percent in September 2023, showing a positive trend towards lower inflation. Maldives had a lower inflation rate of 2.5 percent, indicating relative stability.
In Nepal, the monthly inflation rate was 6.8 percent in June 2023, 7.4 percent in July 2023, and 7.5 percent in August 2023. China, on the other hand, had zero inflation in September 2023.
Malaysia witnessed a 2 percent inflation rate in August 2023, while Indonesia had a rate of 2.3 percent in September 2023. These countries are also working towards maintaining stable levels of inflation to support their economies.
Conclusion
Pakistan’s high inflation rate places it in a challenging position among regional states. Efforts need to be made to address inflationary pressures and stabilize the economy. It is crucial for the government and relevant stakeholders to implement effective measures to control inflation and promote economic growth.
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Source: https://www.thenews.com.pk
