The government has reduced the prices of petroleum products. It’s a positive development. The decrease, however, is too little and too insignificant owing to a variety of factors.
The rising inflation and price hike are not going to be tamed by this decrease at all. How ironic it is that despite a relative strengthening of rupee against the USD in recent days and weeks there’s no let-up in the human misery so far.
Growing unemployment and deepening poverty are causing social tension. The soaring food inflation in particular has deprived a vast majority of population of this country of self-esteem, so to speak.
In Karachi, for example, many people belonging to middle class have shifted their wards to less expensive schools owing to growing economic challenges. It is also in Karachi where a number of people have stopped using cars as a mode of transportation. They are now excessively relying on motorcycles and public transport services.
Things are not restoring confidence as there are no signs of any meaningful improvement insofar as the country’s economy is concerned. In my view, the future is now going to become a more bitter and bruising battle for basic items such as medicines and food.
Hamid Nawaz (Karachi)
Copyright Business Recorder, 2023
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