RAWALPINDI, OCT 5 – Government should take immediate measures to control inflation. Power, gas tariff and POL prices should be reduced to promote business activities. Inflation and rupee depreciation have already reduced the purchasing power of the common man.
Mohammad Nasir Mirza, newly elected president of the Rawalpindi Chamber of Commerce (RCCI) said in a statement that prices of food and basic necessities have increased manifold over the past few months.
Rise in prices of milk, vegetables, fruits, pulses, edible oils, ghee and flour, sugar have affected the purchasing power of the common man. The prices of common use vegetables and ingredients like green chilies, ginger and Coriander (dhaniya) have gone exuberantly which were never observed in decades.
Saving are incurred which has led to local investment being stopped. The cost of doing business has increased manifold due to the rise in electricity and gas prices.
President Chamber Nasir Mirza said as per government claims, the current account deficit has surpluses, and the trade deficit has decreased by more than 60%. However, this has not translated nor transformed into lowering inflation and increasing purchasing power of the common man.
The global crude oil price has dropped to low but unfortunately despite OGRA recommendation the POL prices were not reduced, he deplored. The transportation cost has doubled the prices in hilly and remote areas, he further added.