Beyond politics, sadly despite a remarkable income tax collection by the Federal Board of Revenue (FBR), tall claims regarding economic improvement by the government the masses still under the grip of inflation as the authorities failed to control the prices of essential commodities.
The cost of every notable consumer item including medicines, beef, house rent, gold and cars increased significantly, affecting all types of income groups of consumers in the country.
The people had failed to get subsidized items, including sugar, ghee, rice, pulses and flour. The shortage of essential items in the utility stores had created tension for the people visiting the stores for getting edibles at subsidized rates across the country.
Hike in fuel prices increase people’s misery
With the approval of Prime Minister Imran Khan, the increase in the prices of petroleum products would further increase the misery of people hit by inflation and unemployment. The government on Friday increased the prices of all petroleum products by three percent to 6pc for the next 16 days.
According to an announcement by the finance ministry, the ex-depot prices of petrol and high-speed diesel (HSD) were increased by Rs3.20 and Rs2.95 per liter, respectively. The prices of kerosene and light diesel oil (LDO) were jacked up by Rs3 and Rs4.42 per liter, respectively.
In doing so, the government slightly increased the petroleum levy on petrol, kerosene, and LDO. The levy on HSD was kept unchanged and simply the impact of higher international price was passed on to consumers.
The ex-depot price of HSD was increased to Rs113.19 per litre from Rs110.24, showing an increase of Rs2.95 (2.67pc). HSD is mostly used in heavy transport vehicles, trains and agricultural engines like trucks, buses, tractors, tube-wells and threshers. This is one of the key contributors to inflation.
Inflation up 0.06 percent
Weekly inflation for the combined group in the period ended on January 7 augmented by 0.06 percent on the back of an uptick in prices of essential food items. According to data released by the Pakistan Bureau of Statistics (PBS) showed on Saturday, weekly inflation for the week for the combined consumption group witnessed a nominal increase of 0.06 percent as compared to the previous week.
The SPI for the week under review in the above mentioned group was recorded at 140.01 points against 139.92 points registered in the previous week, according to data. As compared to the corresponding week of last year, the SPI for the combined consumption group in the week under review witnessed a rise of 5.81 percent.
The weekly SPI with base year 2015-16=100 is covering 17 urban centers and 51 essential items for all expenditure groups. The Sensitive Price Indicator for the lowest consumption group up to Rs17, 732 witnessed a 0.17 percent increase and went up from 144.68 points last week to 144.92 points during the week under review.
Relief steps curial in current tough circumstances
Increased in the prices of all petroleum products the cost of doing business has gone up and inflation has increased manifold for the common man.
The Business community and citizens were already facing great hardships due to the devastations of the coronavirus outbreak but instead of taking relief steps for them in these difficult times, the government had augmented the prices of petroleum by three percent to 6pc that further increased the difficulties of businesses and the general public.
In the wake of current tough circumstances, the authorities should have taken measures to lessen the manufacturing cost and promote ease of doing business so that our economy could recover fast. People demanded from the authorities to make an urgent cut in petroleum prices that would bring down the business cost and reduce inflation providing great relief to the common man.
Is govt losing the battle against inflation?
Currently, there is no control over the exorbitantly high prices being charged by the mafia, traders and manufacturers causing genuine hues and cries by the poor section of the population. Prime Minister Imran Khan several times issued directives concerned authorities to take steps to control the prices of basic food items.
The premier also called the chief ministers of all four provinces to devise a strategy to control inflation despite orders no steps have been taken in this regard. They only give falls statement (all ok) to PM Imran Khan.
The authorities at provincial and federal levels apparently have no control or solution to check the menace of the inflationary impact on the economy and are looking at it as mere helpless spectators.
Citizens are now pinning hopes on Prime Minister Imran Khan to provide them a breather from whopping inflation and widespread unemployment by taking concrete steps rather than trust on tall claims.
