Rising Inflation | Editorial

The life of the average citizen continues to become tougher as the government struggles to control inflation. The price of staple items like rice, wheat, lentils, and vegetables have risen again, some by as much as 15 percent according to authorities like the National Price Monitoring Committee (NPMC). This prompted them to issue a directive to the Ministry of Industry according to which products should be made cheaper for end consumers. There is no denying that there is a need for greater government oversight and regulation, at least in major cities if not the entire country.

According to the data compiled by the Pakistan Bureau of Statistics, prices of basic commodities like chicken, oil, wheat, sugar, lentils and various vegetables have increased enough for the Sensitive Price Indicator (SPI) to be amplified by 0.56 percent within one week. If the status quo is not subjected to major change, it will be the people who will suffer the most. We are moving towards an era where basic sustenance will become a luxury. To prevent such dire circumstances from becoming the norm in Pakistan, the government needs to undertake extensive campaigns of price monitoring and stock homogenisation so that inflation cannot be artificially induced as well.

Given that inflation is a recurring issue in Pakistan, one that is proving to be impossible to eradicate completely, it would bode well for the authorities to focus on small-scale initiatives. For instance, regulating the market locally, before going national with the scheme, would be a way to ensure that the problem is minimised. Taking it step by step is a sure way to ensure that government oversight improves gradually and that the situation is brought under control.

Source: https://nation.com.pk/31-Jan-2021/rising-inflation

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