THE announcement of a significant drop in annual consumer inflation to a 44-month low of 6.9 percent in September is indeed a breath of fresh air for the consumers. This notable decrease, attributed to a decline in global commodity prices, enhanced agricultural production and a stable currency, marks a critical turning point for our economy and one expects that this trend will continue in future as well.
Prime Minister Shehbaz Sharif attributes this positive shift to the hard work of his economic team and emphasizes the commitment to fostering a stable economy. He also pointed out that reduced interest rates would spur commercial activity, benefiting the average citizen—a sentiment that resonates deeply with a populace weary of economic instability. Moreover, the consistent decrease in petroleum prices has been highlighted as a key factor enhancing the purchasing power of consumers. Whilst this progress is worth appreciation, it is essential to address some pressing concerns that remain. Notably, despite the government’s fifth consecutive reduction in petroleum prices, transportation fares have not seen a corresponding drop. This disconnect is puzzling and frustrating for consumers who expected lower travel costs to accompany the decline in fuel prices. It is imperative for the federal and provincial governments to fulfill their responsibility and compel the transport operators to adjust their fares in line with these reductions, ensuring that the benefits of lower petroleum costs reach the common man. Moreover, the issue of utility tariffs for electricity and gas continues to loom large in the minds of the public. The government must prioritize concluding negotiations with Independent Power Producers (IPPs) to provide relief from exorbitant electricity prices. As the country navigates through these economic challenges, reducing the burden of utility costs will be a significant step in enhancing the quality of life for millions.
