Prime Minister Shehbaz Sharif’s announcement of a reduction in the weekly inflation rate, with the Sensitive Price Index (SPI) dipping to 3.57 percent is a welcome development. This marks lowest level of inflation since October 2018, a significant achievement for the government whose efforts to stabilise the economy seem to be now yielding positive results.
The decline in inflation is an encouraging reflection of Pakistan’s economic trajectory that will certainly alleviate financial burden on households, especially low-income groups that had been grappling with rising prices. However, it is important to recognise that it is only one step in a long journey. The government must now focus on ensuring that this progress is sustained and that price stability becomes a permanent fixture. One of the key areas where immediate attention is needed is price control.
Profiteers and unscrupulous market forces are always ready to exploit any gaps in the system, and poor consumer remains vulnerable to unjust price hikes. Both federal and provincial governments must work together to fully activate price control committees that should have necessary resources and authority to monitor prices and prevent excessive profiteering.
A significant issue that continues to strain consumers is electricity tariff. Despite recent efforts to renegotiate agreements with some IPPs, the pain of high electricity prices still lingers for both domestic and industrial consumers. The government must accelerate renegotiation process and focus on securing affordable electricity for all. This would not only provide immediate relief to common man but also have long-term benefits for industrial sector.
