What happened: Currently, the world is going through soaring prices and high inflation; however, both the UK and Pakistan are going through high inflation. Britain’s inflation rate hit 9.1% in May, which is a new 40-year high and up slightly on the previous month. Details: The Office for National Statistics that the consumer price inflation rose slightly from 9% in April, itself the highest level since 1982. In a statement, the Chief Economist Grant Fitzner of the UK said, “the continued steep food price rises and record-high petrol (gasoline) prices were offset by clothing costs rising less than last year, and a drop in often fluctuating computer games prices.” More: On the other hand, Pakistan is also going through high inflation currently. Currently, the inflation rate in Pakistan is at a 14-year record high.
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