Analysis of the news: inflation affects the budget of all households

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A new wave of inflation is hitting the national budget of a common Pakistani hard. The prices of everyday commodities, especially groceries, are skyrocketing daily as the government seems powerless to control this horrible trend. New inflation records regularly give shocks to the common man. According to data released by the Pakistan Bureau of Statistics, in May inflation hit a 28-month high of 13.8% in urban areas, while in rural areas it hit the figure of 15%. Overall, it shows a gradual push in wholesale inflation this year.

Inflation mainly in the fuels and energy sectors accelerated each month. Foodstuffs and consumables are another source of concern, especially the prices of meat and vegetables which have risen considerably. A latest move by the Shehbaz Sharif government to raise POL and electricity prices will further increase inflation in the coming days and a strong reaction is expected from the general public. Although vegetable price inflation is slightly low, other food prices remain uncertain. There are reports that flour prices have risen leading to increased poverty. Manufactured goods are also signaling a worrying broader inflationary trend. This could affect consumer price increases. Base metal fabrication that includes a range of products from alloy steel castings, stainless steel tubing to copper plates and aluminum foil – products that find diverse applications in multiple end-use industries – posted headline inflation.

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Apart from that, the prices of flour, sugar, rice are on the rise. The government must intervene to bring down the poverty rate in the country. In the present times, people are suffering from various complications in their life. Some discouraged citizens even commit suicide because of poverty and inflation. It is very tragic to see that poverty and inflation rate in Pakistan are increasing day by day and more than 40% of the people in the country are living below the poverty line. They earn less than Rs150 per day. Moreover, 52% of the population of Balochistan lives below the poverty line. Punjab, which is considered a developed province, has 19% of its population living below the poverty line. For several months, the prices of basic necessities have been rising. With a meager salary, it has become difficult for the majority of people to make ends meet. A man on a fixed income struggles to meet all his family needs. He is still in trouble. He can’t think of a way out. The common man is crushed. He cannot even meet his daily needs. The prices of basic commodities and objects of daily use increase almost every two weeks and sometimes even after two or three days. There is always a solution to every problem. In order to put a stop to this price spike, it is imperative that the government plug all loopholes and control black traders, hoarders and profiteers. These elements are the enemies of the people. These unworthy elements must be punished. If their greedy activities are not stopped, the common man will not be able to breathe a sigh of relief and he will be crushed under the wheel of this rising price.

The country needs a coherent policy for the reversal of inflation which has made the life of an ordinary man miserable. Finding a solution to the ever-increasing inflation and its implementation is the domain of the government, but due to the political situation in the country, any elected government barely completes its term. This political turmoil fails government strategies and ultimately the masses bear the brunt of this political adventurism.

The best way for every new government should be to focus on using the country’s own resources, which are available in abundance. Also, the government has to control its import bill, which is ballooning due to the purchase of expensive items that only the wealthy class can afford. Our dependence on imported petroleum products is also an additional burden. Fluctuating POL prices create financial problems for the economy. Almost all commodities and their production depend on the cost of POL and its rising prices are making the situation worse. An increase in the prices of utilities like electricity, petrol and gas makes the rate of inflation higher and higher with each passing day.

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It can be said that the situation is going from bad to worse in almost all sectors. The inflation rate is rising due to the persistent devaluation of the Rupee as our economy is under severe lending pressure. The masses are fed up with this unfortunate situation and do not know who to trust to bring real economic relief. They lose faith in the government because of its inability to bring about economic reforms. Wisdom demands that the leaders of the PML-N carry out serious introspection before formulating economic policies to overcome economic challenges; otherwise, he would face the wrath of the masses in the next general election.

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