Bloomberg has reported that inflation in Pakistan is highest compared to other Asian countries. According to recent reports, Pakistan continues to face an economic crisis despite of slightest decrease in inflation. The government had to increase energy prices to secure a new IMF program. The report also mentioned that electricity bills are higher than the house rent, adding a hike in power tariff, and increasing the burden on electricity users. The people are protesting against the increase in power tariffs, while the government is bound to make such reforms to meet IMF conditions.
Bloomberg report said, ‘The South Asian nation — where nearly half the population survives on less than $4 a day — has seen electricity prices surge 155% since 2021 after the government started hiking industrial and retail rates to bolster its chances of securing loans from the International Monetary Fund’.
The report said that electricity prices increased by 18% in July causing electricity bills to surpass the rent of homes and the inflation rate has reached up to 12% currently.
