Pakistan ranks 6th among the top inflation-hit countries

Pakistan ranks 6^th among the top inflation-hit countries

Pak Chronicle Web Desk

Pakistan ranks 6^th among the top inflation-hit countries: Pakistan hasn’t defaulted, thanks to the provision of much-needed support funds to it by the International Monitory Fund (IMF) but still it is ranked amongst the top six countries where inflation level is very high.

According to statistics compiled by the World of Statistics, Pakistan ranks sixth in this list with 38 percent inflation level  while its neighboring countries have much less inflation. India with 4.25% inflation stands at 28^th position in the list while China stands at 43^rd position in the list with just only 0.2 percent inflation. Likewise there is only -1% inflation in Afghanistan, although Afghanistan heavily relies on Pakistan to fulfill demands of basic necessities of life over there.

Venezuela ranks first in this list with 429 percent inflation while Lebanon got 260 percent inflation. War-torn Syria is facing 139 percent inflation and it stands at third position in this list. Argentina has 114 percent inflation and it ranks fourth while Turkey stands at fifth position in the list with 39 percent inflation.

Inflation refers to the sustained increase in the general price level of goods and services in an economy over a period of time. In other words, it is the decline in the purchasing power of a currency. When inflation occurs, each unit of currency buys fewer goods or services compared to the past.

Inflation can have various causes, including:

Demand-Pull Inflation: This occurs when the demand for goods and services exceeds the supply, leading to an increase in prices. It often happens during periods of strong economic growth when consumer spending is high.

Cost-Push Inflation: This type of inflation happens when the production costs for goods and services increase, leading to higher prices. Factors such as rising wages, increased raw material costs, or higher taxes can contribute to cost-push inflation.

Monetary Inflation: This type of inflation occurs when there is an increase in the money supply in an economy. If the money supply grows faster than the rate of economic growth, it can lead to more money chasing the same amount of goods and services, resulting in higher prices.

Inflation is typically measured using various economic indicators, such as the Consumer Price Index (CPI) or the Producer Price Index (PPI). These indices track the changes in the prices of a basket of goods and services over time.

Governments and central banks often try to manage inflation to maintain price stability and ensure economic stability. They may use monetary policy tools, such as adjusting interest rates or controlling the money supply, to influence inflation levels. A moderate level of inflation is generally considered beneficial for economic growth, but high or unpredictable inflation can have negative effects on an economy, such as eroding purchasing power and reducing consumer and investor confidence.

Below is the complete list of countries along with their inflation level:

1. Venezuela: 429%
2. Lebanon: 260%
3. Syria: 139%
4. Argentina: 114%
5. ?? Türkiye: 39.59%
6. ?? Pakistan: 38%
7. ?? Egypt: 32.7%
8. ?? Nigeria: 22.4%
9. ?? Kazakhstan: 15.9%
10. ?? Ukraine: 15.3%
11. ?? Poland: 11.5%
12. ?? Sweden: 9.7%
13. ?? UK: 8.7%
14. ?? Austria: 8%
15. ?? Kenya: 7.9%
16. ?? Australia: 7%
17. ?? Norway: 6.7%
18. ?? Ireland: 6.6%
19. ?? Italy: 6.4%
20. ?? Germany: 6.4%
21. ?? South Africa: 6.3%
22. ?? Philippines: 6.1%
23. ?? Mexico: 5.84%
24. ?? Netherlands: 5.7%
25. ?? Singapore: 5.1%
26. ?? Israel: 4.6%
27. ?? France: 4.5%
28. ?? India: 4.25%
29. ?? Indonesia: 4%
30. ?? USA: 4%
31. ?? Brazil: 3.94%
32. ?? Canada: 3.4%
33. ?? South Korea: 3.3%
34. ?? Japan: 3.2%
35. ?? UAE: 3.05%
36. ?? Denmark: 2.9%
37. ?? Saudi Arabia: 2.8%
38. ?? Russia: 2.5%
39. ?? Switzerland: 2.2%
40. ?? Spain: 1.9%
41. ?? Thailand: 0.53%
42. ?? Niger: 0.2%
43. ?? China: 0.2%
44. ?? Afghanistan: -1%
45. ?? Seychelles: -1.02%

Inflation rate:

?? Venezuela: 429%
?? Lebanon: 260%
?? Syria: 139%
?? Argentina: 114%
?? Türkiye: 39.59%
?? Pakistan: 38%
?? Egypt: 32.7%
?? Nigeria: 22.4%
?? Kazakhstan: 15.9%
?? Ukraine: 15.3%
?? Poland: 11.5%
?? Sweden: 9.7%
?? UK: 8.7%
?? Austria: 8%
?? Kenya: 7.9%
??…

— World of Statistics (@stats_feed) July 1, 2023