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Sunday, February 5, 2023
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EditorialInflation uncontrolled

Inflation uncontrolled

Every individual has been impacted by the rise in food costs in Pakistan, but the middle and lower classes have been particularly hard hit. With their poor incomes, these segments are finding it increasingly difficult to afford even two meals a day. The National Bureau of Statistics reports that the price of chicken meat and flour reached an all-time high last month and continued to grow, while the inflation rate last month was 24.5 percent. Even if this terrible wave of inflation is a global phenomenon, Pakistan’s lack of economic policies has led to a record-high rate of inflation and the lowest level of foreign exchange reserves. The ruling coalition had promised to offer flour at Rs55 per kg and petrol at Rs170 per litre before assuming office, but these promises could not be kept. Currently, there are concerns over rising ghee and oil costs, and if inflation keeps up its present rate during Ramazan when the hoarding mafia is active, the situation would become exceptionally dire. According to sources, the lack of letters of credit (LC) opening by banks and the need for warehouse clearance are causing a shortage of ghee, soybean oil, and sunflower oil in the ghee and oil-producing sectors. The government needs to develop a policy immediately due to concerns that the price of oil and ghee would rise even further after that of flour and chicken meat.

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