According to the latest data released by the Federal Bureau of Statistics, during the week ending on March 16, those with an income of Rs44,000 per month were the most affected by inflation, which has further increased by 0.96% to 47.97%. Prices for 28 items, including potatoes, sugar, tomatoes, meat, cooking oil, flour, jaggery, tea, rice, fresh milk, and yoghurt, have risen in the last seven days, while prices for onion, garlic, eggs, and pulses have decreased, while prices for 14 items have remained stable.
Hardly four days are left before the beginning of the fasting month, during these days consumers try to manage the necessary rations.
Ramazan is a month of fasting, prayers, and charity for Muslims around the world, but in Pakistan, it is also a time when the inflation rate reaches its peak. The high inflation rate has become a perennial issue for the country, making it difficult for people to afford necessities.
The high inflation rate makes it difficult for people to practice charity and the price of food items, particularly fruits and vegetables, increases exponentially during this month, making it difficult for people to afford them. The problem of high inflation during Ramazan is not a new one in Pakistan. Every year, the government and the market regulators fail to control the prices of basic food items, resulting in a rise in the inflation rate. This problem is exacerbated by the fact that the government does not take adequate measures to control the hoarding and profiteering of food items by traders.
One of the reasons for the high inflation rate during Ramazan is the increase in demand for food items. People tend to stock up on food items in preparation for iftar and sehri, leading to a surge in demand. This increase in demand is often exploited by traders who hoard food items and sell them at inflated prices. This, in turn, results in a rise in the inflation rate.
Another reason for the high inflation rate during Ramazan is the lack of regulation in the food market. The government needs to take strict action against those who hoard and profiteer food items during Ramazan. This can be done by increasing the penalties for such activities and ensuring that traders who engage in such practices are held accountable.
The government can also take measures to control the prices of food items by importing food items from or by increasing the supply of food items in the local market. The government can also provide subsidies to farmers and traders to encourage them to sell food items at affordable prices.
It is also essential for the government to raise awareness among the public about the importance of buying food items at reasonable prices. The government can launch public awareness campaigns to educate people on how to identify and avoid overpriced food items. This will not only help people save money but also discourage traders from selling food items at inflated prices.
The government needs to take strict action against traders who hoard and profiteer food items during this month. It should also take measures to increase the supply of food items and provide subsidies to farmers and traders to sell food items at reasonable prices. Moreover, it is important to raise public awareness about the importance of buying food items at affordable prices.
