Costly essentials hit common man hard

LCCI demands immediate measures to curb inflation as prices jump 1.16%

LAHORE:

Lahore Chamber of Commerce and Industry (LCCI) President Faheemur Rehman Saigol has expressed serious concern over the rise in prices at the start of Ramazan, saying that the increase in prices of essential items is creating great difficulties for the public.

In a statement, he said that according to data released by the Pakistan Bureau of Statistics, prices have increased by 1.16%, which shows that inflationary pressure had already started building up even before Ramazan, whereas prices should have remained stable during the holy month.

Senior Vice President Tanveer Ahmed Sheikh and Vice President Khurram Lodhi said that on a weekly basis, the prices of electricity, fruits, vegetables, petrol, liquefied petroleum gas, and other essential items have increased significantly, further reducing the purchasing power of the common man.

Saigol said that if prices are not controlled during Ramazan, the increase in consumer demand may lead to further inflation. Rising energy prices and higher transportation costs increase the cost of production, which directly impacts prices of food items in the market.

He urged the government to take effective measures to prevent hoarding and profiteering during Ramazan and ensure an uninterrupted supply of essential items in the market so that relief can be provided to the public. The LCCI president added that if timely steps are not taken, inflationary pressure will create more problems not only for the public but also for the business community. Therefore, immediate policy measures are needed to stabilise prices.

The Lahore Chamber urged the government to ensure strict monitoring of markets, prevent hoarding and profiteering, and maintain a smooth supply of essential commodities during the current month to protect consumers from further financial strain.