The rising inflation

The State Bank of Pakistan has acknowledged what the common man has been complaining for the last several months that high inflation was making their lives miserable. However, government has been in self-denial mode as different institutions including the Federal Bureau of Statistics have been claiming otherwise. The SBP has rightly cautioned that inflation is all time high in two years and steps should be taken to address the situation. Government claims that prices are stable is contradicted by sharp rise in prices of almost all items of daily use including wheat flour, pulses, edible oil, ghee and milk besides vegetables and fruit. Rice and sugar prices have also witnessed a quantum jump over the last one month despite the fact that prices of sugar, like wheat, in Pakistan were already much higher than those in the international market. Industrialists and manufacturers including pharmaceutical companies have also increased prices of their products especially in the backdrop of rising prices of POL products whereas service providers too have increased their rates. Under these circumstances, government should realise the situation and take remedial measures as price hike is playing havoc with budget of the people in the absence of any corresponding increase in salaries and relief for the poor.

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