Inflation rate in Pakistan Regional world Bank 2022
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| Pakistan, inflation rate higher than regional countries in the last 4 years |
Islamabad (Mehtab Haider) Pakistan's inflation rate has been higher than other regional countries including India, Bangladesh and Sri Lanka in almost 4 years from 2018 to October 2021.
Inflation data also showed that from 2013 to 2017, the rate of inflation was lower than other regional countries. Some senior government officials have also said that India has traditionally used the Wholesale Price Index (WPI) to measure the prevailing price trend, while Pakistan has used the Consumer Price Index (CPI) to track the price trend. Goes
However, The Economist Magazine also showed that the Economist Magazine also showed India's CPI-based inflation to compare with other regional countries. WPI in Pakistan is also very high at present as WPI inflation on an annual basis increased to 21.2% in October 2021 as against 19.6% a month ago.
Inflation in Pakistan was 5.1% in 2018, compared to 3.9% in India, 5.5% in Bangladesh and 2.1% in Sri Lanka. Inflation in Pakistan reached 10.6 percent in 2019, compared to 3.7 percent in India, 5.6 percent in Bangladesh and 3.5 percent in Sri Lanka.
In 2020, the inflation rate in Pakistan was 9.7 percent, while in India it was 6.6 percent, in Bangladesh it was 5.7 percent and in Sri Lanka it was 6.2 percent. As of October 2021, the inflation rate in Pakistan was 9.2% while it was 5.3% in India, 5.6% in Bangladesh and 7.6% in Sri Lanka.
When contacted by former finance minister and well-known economist Dr Hafeez A. Pasha, he said that the inflation rate was between 9% and 10% while in other regional countries it was 5-6%. He said the sharp depreciation of the rupee against the dollar, the dampening of the expansionary currency and the surpassing of the budget deficit target played a key role in increasing inflationary pressures in Pakistan.
He said that there was complete mismanagement of sugar which resulted in increase in prices of sweeteners in the country. He recalled that once during the rule of Ayub, the price of sugar had gone up by 25 paisa per kg and the country had witnessed massive protests which resulted in his removal from power. But in the last few days, sugar prices have risen dramatically, but the government is unaware of how to deal with the crisis.
When contacted, Dr Ashfaq Hassan Khan, a former economic adviser and well-known economist, said that comparing prices with India is only comparing apples to oranges as our currency is 2.33 times less than India. The Indian rupee stands at 73 against the dollar while the Pakistani rupee stands at 170.
He believes that the depreciation of the rupee has played a significant role in the rising prices in Pakistan. Inflation in Pakistan was 7.7 percent in 2013, compared to 11.1 percent in India, 7.5 percent in Bangladesh and 6.9 percent in Sri Lanka.
In 2014, the inflation rate in Pakistan was 7.2% while in India it was 6.6%, in Bangladesh it was 7% and in Sri Lanka it was 3.2%.
Inflation in Pakistan was 2.5% in 2015, compared to 4.9% in India, 6.2% in Bangladesh and 3.8% in Sri Lanka.
Inflation in Pakistan was 3.8 percent in 2016, compared to 4.9 percent in India, 5.5 percent in Bangladesh and 4 percent in Sri Lanka.
In 2017, the inflation rate in Pakistan was around 4.1% while it was 3.3% in India, 5.7% in Bangladesh and 7.7% in Sri Lanka.
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