The ratio of inflation has gone
up alarmingly in Pakistan during the last one week after the prices of petroleum
products were increased and prices of all commodities, particularly kitchen
items have gone up by 23 percent. According to a report of Federal Statistical
Department, the overall inflation ratio on all items, particularly eatables was
increased by 23 percent in a week and around 150 percent during last one year
which is an alarming ratio for common man as it has disturbed their monthly
budgets. Prices of all items including atta, cooking oil and sugar have gone up.
One kg onion is being sold at Rs 70 per kg against previous rate of Rs 30 per
kg. Similarly, prices of other vegetables have been increased largely. With the
increase in petroleum products, prices of clothes, shoes, jackets, sweaters and
other things also witnessed an increase. The prices of all kinds of sweets,
bread and biscuits also went up by 23 percent due to rise in sugar price.
General public and opposition parties have accused the government of
inefficiency and inaction caused high inflation in the country. Avoiding
inflation due to devastating floods was difficult as crops and vegetables of a
fairly large agricultural area were washed away. But inflation caused by
unnecessary hike in petroleum products and artificial rise in sugar prices could
be contained. It has become very difficult for the common man to even buy
vegetables due to high rates. Meat and fruit were already beyond their reach,
now vegetables and pulses have turned into luxuries. In this situation, people
are forced to reduce shot their meals from three times a day to two times. In
this way, they will buy less food, remaining within their existing budget. But
this cannot go a long way and the house has to be put in order. Inflation only
hits salaried class and the poor, contrarily the rich even don’t know what the
inflation is all about.
This increasing income gap between the haves and the have-nots will take an ugly
turn, one day. If this goes on, the people will be on roads and a bloody
revolution cannot be avoided. Devastating floods and rise in sugar and petroleum
products are said to be major reasons due to which inflation is touching the
skies. But another reason of inflation and poverty is that only few families
have seized most of the country’s wealth which has alarmingly lowered the
purchasing power of a large population. Only true leaders can change the scene
but unfortunately we lack leader of high calibre. That’s why we are facing
gigantic challenges and no easy solution is in sight. The high inflation will
continue to haunt people for the next several months owing to increase in
domestic oil prices and upward revision of electricity tariffs. The present
government seems to have failed in addressing the issue of the overpricing of
commodities of daily use. Overpricing in food items could only be checked if the
regulatory institutions are strong and transparent with competent and honest
staff. Unless and until the government improves governance, cuts down its
expenses, figures out better economic management and institutes a system of
equitable taxes, there is little hope of containing the inflation. The
government should address the actual causes of price hike instead of taking
cosmetic measures.