ICCI PRESIDENT SHOWS CONCERN OVER PRICE HIKE TREND BEFORE RAMAZAN

Ramazan is a month of blessings and it provides us an opportunity to earn maximum blessings of God by rendering good deeds and showing spirits of charity and self-accountability, but it is very unfortunate that although Ramzazn is around 14 days away, prices of food items consumed in bulk during this holy month have started registering increase while this month calls upon us to demonstrate the spirits of generosity and sacrifice, stated Muhammad Ijaz Abbasi, President, Islamabad Chamber of Commerce and Industry while commenting on dangerous trend of rising prices before the start of Ramazan.

He said the two main food items consumed in bulk during the month of Ramazan are Basan and White Chana and prices of both these items registered highest jump in last few days. He said according to market figures, White Chana registered highest jump of Rs 19 per kg as its price has gone up from Rs 65 per kg to Rs 84. Likewise prices of Basan have increased by Rs 10 per kg as it has jumped from Rs 55 per kg to Rs 65. Similarly, Dal Mash and Dal Chana, which are also consumed in bulk during Ramazan registered quantum jump. Price of Dal Mash has gone up from Rs 56 to Rs 64 per kg and price of Dal Chana increased from Rs 55 per kg to Rs 60. He said prices of sugar consumption of which also goes up in Ramazan has increased from Rs 3,020 per bag to Rs 3,120 and called upon the government to take urgent measures to arrest this trend of rising prices before and during Ramzazn.

Muhammad Ijaz Abbasi said people of Pakistan are already feeling the pinch of ever rising inflation which has gone up to 24 percent thus sufficiently shrinking the purchasing power of consumers and negatively impacting business activities in the country. He warned that if this dangerous trend of rising prices, particularly of food items, is not controlled by the government, promotion and growth of business and industry will be badly affected slowing down the economy of the country.

In the end, ICCI President said that oil prices in international market are coming down, but government has not passed on this benefit to people and stressed for the need of transferring this benefit to general public by reducing prices of petroleum products so that people could take some sigh of relief.