Promised benefits of 'drastic cut in inflation' a pipedream
Business
Inflation sans relief for public hits six-year low in 2024
ISLAMABAD (Dunya News) – Inflation in Pakistan, after historic highs earlier this year, has now dropped to its lowest level in six and a half years.
However, the promised benefits of this decline have failed to reach the public.
After the start of 2024, annual inflation was 28.3 per cent, with weekly inflation peaking at 44.6 per cent.
By December, the government statistic showed a sharp drop, with annual inflation at 6.5 per cent and weekly inflation reduced to 3.7 per cent.
Ministers and government functionaries hail this as a sign of economic progress, claiming that prices have stabilised.
Despite these claims, the reality on the ground paints a different picture. Essential goods have seen significant price hikes. Potatoes are at double the price - from Rs60 to Rs120 per kilogramme. Lentils and chickpeas prices rose sharply.
Non-food items such as LPG cylinders and firewood also became more expensive.
While officials insists the economy is improving, public skepticism remains.
Citizens questions why falling inflation rates have not translated into tangible relief. With the year drawing to close, Pakistan continues to grapple with high living costs, awaiting the fulfillment of government promises for economic respite.
