Inflation rate climbs to unprecedented level

Friday, July 11, 2008 at 9:50 pm

ISLAMABAD: Rate of inflation in the country jumped to 30-year high at 21 percent compared to the previous year, according to figures released by the Federal Bureau of Statistics.

The economic experts say that the effect of soaring electricity, gas and petroleum rates is yet to be witnessed and the rate of inflation is expected to climb even higher and at a rapid pace.

The government has set the inflation target for the current fiscal at 12 per cent, which was fixed at 6.5 per cent last year.

Experts say the out of control hike in prices indicate that the rate of inflation may exceed the target and it could touch 18 per cent.