Sir: The Pakistan Bureau of Statistics reported that the inflation rate, as measured by the consumer price index, has touched to 9.41 percent. This rise in the general price level will reduce the purchasing power of the money (Rupee) by the same or more percentage making transactions more costly to conduct, particularly for the poor.
With this alarming situation, the gap between the poor and the rich, in all aspects, is widening. Also, the basic survival of the poor seems to be crippling as their demand for basic life-sustaining goods including food, shelter, and health is more sensitive to the increasing prices. In addition, persistence in the currency devaluation, increasing petroleum prices, excessive government borrowing from SBP are expected to add a further hike in inflation. The skyrocketing prices will cause more adversity for the poor who are already having less earning potential and income. Resulting, this will increase the number of absolute poor (living below the national poverty line) in Pakistan, hence the dependency burden for the state. Poor is getting poorer.
My request to PM Imran Khan is look into this matter otherwise, the constantly increasing costs of living will let the poor stuck in the absolute poverty trap for the next many decades.
ABDUL BASIT BHATTI
Sukkur