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June 12, 2019

Daily essential items price hike irks families


June 12, 2019

Islamabad : When it comes to managing the budget, even the most confident men and women with a little bit financial knowhow bust their financial limits each month and spare not a single penny in their accounts. It has become extremely difficult for people to run their houses with increasing inflation as the country is trying to get a grip on its dwindling economy crushed by debts and expenses which we have to pay back alongside growing and heavy taxations. Inflation is a persistent change in the prices of goods and utilities bills in an economy over a period of time or specific year. Each year in the month of June, people dread the fiscal year budget presented by the government as to see how tactfully, that year, they would be able to manage their income against the running expenditures. It has become difficult not only for men but also for housewives to juggle the expenses against their income. The expenses of the household rise each year with the escalating petrol prices, house rent, school fees, utility bills, transportation charges, daily essential household commodities and other expenses.

In comparison, if we look at the prices of the essential commodities between last and this year, there is a stark difference in the prices due to high inflation rate. According to the Inflation Report of Economic Survey by State Bank of Pakistan, the continuous increase in education and healthcare costs kept core inflation higher on average compared to the same period last year. According to the Pakistan Economic Survey 2018-19, the average Consumer Price Index (CPI) inflation rate was calculated at 7 per cent, compared to 3.8 per cent for the corresponding period last year.

In the Budget 2019-20 the prices for almost all the daily essential household items have risen. The exception being chickens and eggs.

Shahana Ikram a housewife when contacted by this scribe said we have always seen a price hike in yearly budgets as it has always been a daunting task for us to manage our monthly budget. “Since I work in a private firm, my salary doesn’t increase according to the price hike we experience on monthly basis, especially during Ramazan and Eid. Our buying power is diminishing day by day. Earlier, we used to save some money at the end of the month, but now it’s just a dream that can’t be fulfilled. Only the rates of bakery items in the current budget have decreased which is barely negligible,” she said.

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