Pakistanis Face Soaring Prices and Inflation, Dampening Eid Festivities

• Prices in Pakistan have doubled since last year, severely limiting people's Eid shopping due to high inflation • Pakistan's annual inflation rate hit a record 38% in May 2022 and remains in double digits • An IMF deal was reached to provide Pakistan $1.1 billion to shore up its struggling economy • Pakistan has over $130 billion in external debt and only $8 billion in foreign reserves • The Pakistani rupee has lost over 50% of its value against the US dollar in the past two years