More than half of Pakistanis (53 percent) say that their household’s financial situation has gotten worse or much worse in comparison to the last six months, according to a survey.
In a survey conducted by Gallup & Gilani Pakistan, a nationally representative sample of adult men and women from across the country was asked the following question, “How is your household’s financial situation in comparison to the last 6 months?”
In response, an overwhelming 53 percent of the respondent said that their household’s financial situation has gotten worse or much worse. 19 percent of the respondents said that there has been no change in their financial situation while 29 percent said it has improved.
The same question was also asked in the first quarter of the year and 45 percent of respondents said that their household economic situation has gotten worse or much worse.
It is pertinent to mention here that Pakistan’s Consumer Price Index-based inflation increased to 26.6 percent on a year-on-year (YoY) basis in October 2022 as compared to an increase of 23.2 percent in the previous month and 9.2 percent in October 2021.
Moreover, in its recent Monetary Policy Statement, the State Bank of Pakistan (SBP) noted that inflationary pressures have proven to be stronger and more persistent than expected. It said that food prices have also accelerated significantly due to crop damage from the recent floods, and core inflation has risen further.