Over the past two years, Pakistan has experienced significant inflation fluctuations. In 2022, the average inflation rate was approximately 19.87%, driven by rising costs in food and energy sectors (ProPakistani). By May 2023, inflation peaked at a record 38%, exacerbated by economic instability and external financial aid reliance (ProPakistani). However, the rate slightly decreased to around 20.7% by March 2024 (ProPakistani). Key contributors to inflation included high prices for essential commodities like cooking oil, electricity, and fuel (ProPakistani).
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