Year-on-year inflation hit 37.97 percent in May, according to latest data. Photo: Farooq NAEEM / AFPSource: AFPPakistan's year-on-year inflation hit a record 37.97 percent in May, official data revealed Thursday, with the nation on the brink of economic collapse and crucial bailout talks stalled. Non-perishable foods and transport costs climbed more than 50 percent over May 2022, while average inflation for the past 12 months was 29.16 percent, the latest Pakistan Bureau of Statistics data showed. "This level of inflation badly affects poor and middle-class families of the country, whose income is evaporating with each percentage point," said Mohammad Sohail, a financier in Karachi. In the background, negotiations to unlock a crucial tranche of a $6.5 billion loan deal agreed with the International Monetary Fund have been deadlocked for months.

Source: Daily Nation June 02, 2023 05:13 UTC