Bloomberg Report: Electricity Bills in Pakistan Now Exceed House Rents
According to a recent report by Bloomberg, electricity bills in Pakistan have surged to the point where they now surpass the cost of house rents for many households. The report highlights that in July alone, electricity prices in Pakistan increased by 18%, further burdening the already struggling population.
IMF Program and Rising Costs
The report points out that these price hikes are primarily due to Pakistan’s efforts to meet the conditions of the International Monetary Fund (IMF) in securing a $7 billion loan program. As a result, electricity costs in Pakistan have skyrocketed by 155% since 2021, making it increasingly difficult for citizens to manage their household expenses.
Impact on Inflation
Pakistan’s inflation rate, which currently stands at 12%, is the highest among Asian countries. The steep rise in electricity bills has become a significant source of distress for the population, contributing to the broader issue of economic instability in the country.
The Bloomberg report underscores the severe impact of these rising costs on ordinary Pakistanis, with many now struggling to pay both their rent and electricity bills, a situation that highlights the broader economic challenges facing the nation.