‘Raise in electricity, oil prices main cause of inflation’

LAHORE: The business community Sunday expressed their concern over spiralling electricity and oil prices, which were the main cause of inflation and reduction in economic growth.

President SAARC Chambers and Chairman United Business Group (UBG) Iftikhar Ali Malik told a delegation, led by presidential candidate for Federation of Pakistan Chambers of Commerce and Industry Dr Nouman Idris Butt, that gradual hike in electricity and oil prices would affect the supply of other goods. He said that ultimately manufacturers would increase the price of goods and services due to spiralling oil prices. He urged the govt to arrest the price increasing trend of electricity and petroleum products. Iftikhar said common man was suffering a lot because commodity prices were shooting up due to increase in the input costs.