Pakistan hit by cost-of-living crisis as inflation skyrockets to nearly 40% year-on-year

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Pakistan’s inflation hit a record 38 per cent in May 2023, on a year-on-year basis. The average inflation rate for the past 12 months was 30 per cent, with daily consumables like food and transport becoming increasingly less affordable for the poor and middle-class. Years of financial mismanagement, natural disasters and political turmoil have helped push the country’s economy to the brink of collapse.