speech on inflation in pakistan

Essay on Inflation in Pakistan for Students

by Pakiology | Aug 19, 2024 | Essay | 0 comments

In this essay on inflation in Pakistan, we will look at the causes, effects, and solutions to this issue that has been affecting the country for decades. The term ‘inflation’ refers to a sustained rise in the prices of goods and services in an economy. In Pakistan, inflation has been a major concern since the late 1990s, with the Consumer Price Index (CPI) reaching a peak in 2023. We will explore the various factors that have contributed to inflation in Pakistan, its economic effects, and what can be done to address the issue.

Page Contents

Essay on Inflation Outlines

Causes of inflation in pakistan, effects of inflation, solution to control inflation.

• Introduction

Inflation in Pakistan is caused by several factors, which can be divided into two main categories: domestic and external. The main domestic causes of inflation are an increase in money supply, an increase in government spending, an increase in indirect taxes, and a decrease in economic growth.

The most significant contributor to inflation in Pakistan is an increase in the money supply. When there is too much money chasing after too few goods, prices rise, creating a situation known as demand-pull inflation. An increase in the money supply can be caused by the central bank printing more money or by the government borrowing more money from the public.

In addition, higher government spending can lead to inflation. This occurs when the government prints more money to finance its expenditure or borrows from the public and transfers the cost of this additional spending to businesses and consumers. This leads to higher prices for goods and services. Indirect taxes are another major factor that contributes to inflation in Pakistan. When indirect taxes are increased, prices of goods and services also increase, leading to an overall rise in prices.

Finally, low economic growth can also cause inflation in Pakistan. A weak economy reduces people’s purchasing power, forcing them to buy less, which reduces demand and leads to lower prices. However, when economic growth stalls, businesses are unable to sell their products at the same price as before, leading to a rise in prices.

Overall, inflation in Pakistan is caused by a combination of domestic and external factors. These include an increase in money supply, higher government spending, increases in indirect taxes, and a decrease in economic growth.

The effects of inflation on the economy can be both positive and negative. Inflation erodes the purchasing power of money, meaning that each unit of currency is worth less than it was before. This means that, as the cost of living increases, people can purchase fewer goods and services for the same amount of money. As a result, their standard of living decreases.

Inflation also reduces the real return on investments and savings, which can have a detrimental effect on economic growth. When inflation is high, people prefer to save their money rather than invest in a business or other activities. This reduces the availability of capital and results in slower economic growth.

In addition to decreasing standards of living, inflation can lead to unemployment if companies are not able to increase wages at the same rate as prices rise. This can lead to an increase in poverty, as people struggle to afford necessities. Furthermore, when prices rise faster than wages, it puts pressure on government budgets and can increase public debt.

Inflation can also cause the value of the local currency to depreciate against foreign currencies. This has a direct impact on the cost of imports and makes domestic goods less competitive in international markets. It can also have an indirect impact on exports, as it reduces the competitiveness of local producers in foreign markets.

Inflation is a serious issue in Pakistan, and it needs to be addressed to improve the country’s economic conditions. The following are some of the measures that can be taken to control inflation in Pakistan:

1. Fiscal policy: A strong fiscal policy is necessary for controlling inflation. The government should increase its revenue by implementing taxes on the wealthy and reducing public spending. This will help reduce budget deficits, which will result in lower inflation.

2. Monetary policy: The State Bank of Pakistan should adopt a tighter monetary policy to control inflation. It should raise interest rates so that investors have an incentive to save rather than spend, thus curbing demand-pull inflation.

3. Supply-side measures: There should be an increase in the production of essential commodities and products to meet the demand of consumers. This will help reduce prices and inflation in the long run.

4. Subsidies: The government should provide subsidies to those who are suffering due to the high prices of essential items. This will help them cope with the rising cost of living and ensure that they have access to essential goods and services.

5. Stabilizing exchange rate: A stable exchange rate between foreign currencies and the rupee is necessary for controlling inflation. The State Bank of Pakistan should strive to keep the rupee’s value stable by using currency swaps and other methods.

These measures can go a long way in controlling inflation in Pakistan. By taking these measures, the government can help improve the country’s economic condition and create an environment conducive to investment and growth.

What is inflation in simple words?

Inflation is a sustained increase in the general price level of goods and services in an economy over a period of time.

What are the 4 main causes of inflation?

The 4 main causes of inflation are: Demand-pull inflation: when there is an increase in demand for goods and services that outstrip the economy’s ability to produce them. Cost-push inflation: when the cost of production increases, causing companies to raise prices to maintain their profit margins. Built-in inflation: when businesses expect prices to rise and build that expectation into their prices, causing a self-fulfilling cycle of inflation. Imported inflation: when the cost of imported goods increases, leading to higher prices for consumers.

What are the 5 main causes of inflation?

The 4 main causes of inflation are: 1. Demand-pull inflation 2. Cost-push inflation 3. Built-in inflation 4. Imported inflation 5. Monetary inflation

What is inflation introduction?

Inflation is a phenomenon that has been observed throughout history. It refers to the sustained increase in the general price level of goods and services in an economy over a period of time.

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PM expresses satisfaction over inflation decline, Moody’s rating upgrade

Says government is committed to economic reforms and we are swiftly implementing the right-sizing policy

Prime Minister Shehbaz Sharif has expressed satisfaction over the reduction in inflation rates and the recent upgrade in Pakistan's credit rating by Moody’s, calling the predicted further drop in inflation in September a positive development.

In a statement released by the Prime Minister's Office on Sunday, Sharif welcomed the decline in inflation indicators as reported by the Pakistan Bureau of Statistics.

"The Consumer Price Index saw a record drop in July 2024, bringing the inflation rate down to 11%. The economic experts' forecast of further reduction in inflation by September is encouraging," Sharif said.

He highlighted that following Fitch, the international rating agency Moody’s has also upgraded Pakistan’s credit rating, acknowledging the country's positive economic indicators.

"Our government is committed to economic reforms. We are swiftly implementing the right-sizing policy, which I am personally overseeing. The positive effects on the economy will soon become evident," the prime minister stated.

Sharif also mentioned the significant relief provided by the federal and Punjab governments to electricity consumers, along with the recent reduction in petroleum product prices starting today.

"Our government is dedicated to ensuring that all benefits are passed on to the common man. The hard work of the government's economic and financial team is steering the economy towards stability," Sharif asserted.

He acknowledged the public’s hardships and assured that the government is working tirelessly to address the issues and alleviate the difficulties faced by the people.

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Zafar Iqbal

Inflation, in its simplest form, is the sustained rise in the general price level of goods and services in an economy over time. It translates to a decrease in the purchasing power of your money, meaning you could buy fewer goods and services with the same amount of money compared to the previous year.

Causes of Inflation:

Several factors can trigger inflation, often intertwined and acting in concert. Here are some key culprits:

• Excess Money Supply:  When the central bank prints more money or lends more credit than the economy needs, it leads to an oversupply of money chasing the same amount of goods and services. This excess demand pushes prices up, causing inflation.
• Rising Production Costs:  Increased costs of raw materials, labor, energy, and transportation can trickle down to final product prices, contributing to inflation. This “cost-push” inflation can occur due to global factors like commodity price surges or local inefficiencies in production and distribution.
• Demand Outpacing Supply:  When consumer demand for goods and services exceeds the available supply, producers can raise prices to meet this demand, leading to inflation. This often happens during economic booms or periods of high disposable income.
• Exchange Rate Fluctuations:  A depreciating currency against foreign currencies makes imported goods more expensive, translating to higher prices for consumers and contributing to inflation. Conversely, a rapidly appreciating currency can hurt exports and stall economic growth, also triggering inflation in some cases.
• Government Policies:  Certain government policies, like price controls or excessive deficit spending, can distort market mechanisms and contribute to inflation. Moreover, taxes and regulations that increase production costs can also exert upward pressure on prices.

Controlling Inflation: A Balancing Act

There’s no single magic bullet to control inflation, and different approaches have varying degrees of effectiveness depending on the underlying causes. Here are some key policy options:

• Monetary Policy:  Central banks play a crucial role by manipulating interest rates and money supply. Raising interest rates discourages borrowing and spending, reducing excess demand and tempering inflation. Conversely, lowering interest rates can stimulate economic activity during periods of low inflation or recession.
• Fiscal Policy:  The government can adjust its spending and tax policies to influence inflation. Reducing government spending and enacting targeted taxes can decrease the money supply in circulation and dampen demand-driven inflation. However, drastic cuts in spending can also hinder economic growth, requiring careful calibration.
• Supply-Side Strategies:  Investing in infrastructure, education, and technology can boost productivity and efficiency, thereby increasing the supply of goods and services. This helps contain inflation by addressing cost-push pressures and mitigating shortages.
• Exchange Rate Management:  Central banks can intervene in the foreign exchange market to influence the value of the currency. Stabilizing the exchange rate can help control imported inflation and promote export competitiveness. However, excessive market intervention can distort trade patterns and create new economic imbalances.
• Income Policy:  In rare cases, governments may resort to temporary wage and price controls to directly suppress inflation. However, these measures can often lead to inefficiencies, distortions, and black markets, making them a challenging and controversial tool.

The Importance of Context and Balance:

The effectiveness of any inflation control strategy depends on the specific economic context and the dominant inflation drivers. A one-size-fits-all approach can be counterproductive, and policymakers need to carefully consider the potential trade-offs and unintended consequences of each intervention. For example, an aggressive tightening of monetary policy can slow down economic growth and increase unemployment, while excessive fiscal austerity can stifle demand and hurt businesses.

Ultimately, controlling inflation requires a balanced and coordinated approach that addresses the underlying causes while minimizing any negative side effects. This can be a complex and delicate task, demanding constant monitoring, adjustments, and collaboration between central banks, governments, and other stakeholders.

Remember, inflation is a complex phenomenon with multiple contributing factors, and tackling it effectively requires a nuanced understanding of these causes and a careful application of various policy tools.

Pakistan has been grappling with high inflation for over a year now. In December 2023, consumer prices were 29.7% higher compared to December 2022, and every month for more than a year, the year-on-year inflation rate has been above 20%. While there was some positive news in the recent inflation data, with prices rising only 0.8% over November, much work remains to be done to bring inflation under control.

Understanding the Root Cause: Excess Money Supply

To understand Pakistan’s inflation problem, we can imagine a simple economy with three sellers each selling a food packet and three buyers, each given Rs100 by the government. In this scenario, each food packet would logically sell for Rs100. Now, if the international price of these food packets is one dollar, the exchange rate would be one dollar to Rs100.

If the government were to double the amount of money it gives to each buyer, to Rs200, while keeping the number of food packets the same, the price of each packet would also double, to Rs200. This is because there is now twice as much money chasing the same amount of goods. To put it simply, printing more money without increasing the production of goods leads to inflation.

Pakistan’s Budget Deficit and Money Supply

This is precisely what has been happening in Pakistan. In recent years, the government’s budget deficit has ballooned. To finance this deficit, the government has been borrowing heavily from the central bank, which has led to an increase in the money supply. As more rupees chase the same amount of goods, prices have risen.

The Role of Interest Rates

The State Bank of Pakistan (SBP) has been raising interest rates in an attempt to curb inflation by reducing borrowing and spending. This policy has been successful in slowing down private sector borrowing, but unfortunately, the government has not been able to reduce its own borrowing in response to higher interest rates. This has continued to put upward pressure on the money supply and inflation.

Investing in Human Capital and Productivity

While controlling the budget deficit and managing the money supply are crucial to reducing inflation, long-term growth requires investments in human capital and increasing the country’s productive capacity. Pakistan has a long way to go in this regard. A significant portion of the population lacks basic education and skills, which hinders economic growth and productivity.

Maintaining a Flexible Exchange Rate

Finally, it is important to maintain a flexible, market-driven exchange rate. When the government artificially keeps the rupee’s value high by selling dollars in the interbank market, it discourages exports and encourages imports, further widening the current account deficit. A flexible exchange rate allows exports to become more competitive and helps to balance the current account.

Conclusion: No Magic Solutions, but a Path Forward

There are no quick fixes to Pakistan’s economic problems. The country is poor and faces significant challenges, but there is a path forward. Reducing the budget deficit, investing in education and skills development, and maintaining a flexible exchange rate are crucial steps towards building a more stable and prosperous Pakistan. By pursuing sound economic policies and investing in its people, Pakistan can break the cycle of high inflation and lay the foundation for sustainable long-term growth.

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— Says ‘Consumer Price Index’ falls to record low in July 2024

— Reiterates govt’s resolve to pursue policy of economic reforms

ISLAMABAD: Prime Minister Muhammad Shehbaz Sharif on Sunday expressed his satisfaction over the nosediving of inflation rate in the country and the indicators of Pakistan Bureau of Statistics, showing a decline in the inflation rate.

The prime minister said that ‘Consumer Price Index’ fell to record low in July 2024, bringing inflation to 11 percent and welcomed the economists; forecast of further decline in inflation in the current month of September.

“After Fitch, the global rating agency, Moody’s recently upgraded Pakistan’s credit rating, which is an acknowledgement of country’s positive economic indicators by the international financial institutions,” PM Office Media Wing, in a press release, quoted the prime minister as saying.

The prime minister further said that the government was pursuing a policy of economic reforms and the implementation work was rapidly in progress over the right-sizing policy of the government which he himself was monitoring.

He expressed the confidence that its positive impact on the economy would be visible soon. The prime minister also acknowledged that the federal and Punjab governments had provided a big relief to the electricity consumers in respect of monthly bills, adding the prices of petroleum products were further reduced from today.

The prime minister said that the government believed in passing on all the benefits of such policies to the common man. The economy was moving towards stability owing to the hard work of the government’s economic and financial team, he added.

He said the government was cognizant of the issues of the people and was striving day and night to resolve them.

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Pakistan’s Economic Crisis: What Went Wrong?

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The country is currently running on foreign loans taken on high rates of interest. It will have to repay $80 billion in the coming three years.

Farmers clear out debris in an apple orchard damaged by floods ahead of the harvesting season in Quetta, Balochistan, April 10, 2023.

In March-April, the Pakistan government set up distribution sites across the country to provide s asta aur muft aata (low-cost and free flour) to people to ease their burden amid spiraling prices and the ongoing economic crisis in the country. But instead of doing good, the initiative caused trouble in several places where stampedes broke out, killing and injuring people.

Pakistanis are putting their lives at risk to collect something as basic as a sack of flour. It illustrates how the rising cost of food and other necessities is driving desperation and impacting the masses.

With inflation running at over 30 percent – a 50-year high – putting food on the table for the poorest, who comprise one-third of Pakistan’s population, has become harder than ever before.

When the recent stampedes over food flooded social media, so did the deeper questions: How did the country end up here? What does this economic crisis mean for the majority of the Pakistani people and for Pakistan’s international projects, especially those with China under the China-Pakistan Economic Corridor (CPEC), which Pakistan considers vital for its future economic growth?

Pakistan’s current GDP, per capita income, and GDP growth are the lowest in its neighborhood ; only war-torn Afghanistan’s economy is weaker.  Likewise, its unemployment and inflation rates are one of the highest in the region. The Human Development Inde x, which measures a country’s achievements through three basic dimensions – health, knowledge, and standards of living – placed Pakistan in the 161st position out of 185 countries in 2022. In other words, Pakistan is among the 25 countries with the lowest human development in the world.

The country’s current situation has multiple causes, including overall poor economic management, corruption, and excessive spending on defense and the armed forces. In a country where half the population is under the age of 22 , investing in the education and technical skills of youth can generate opportunities for a more sustainable economy.

Many also associate the current economic crisis, especially the rise in food staples, with last year’s floods, which caused extensive damage to agricultural land, livestock, thousands of kilometers of road, and other infrastructure. This is partially right, as inflation touched a record high after the floods in August last year. But the war in Ukraine also halted grain supply to a number of countries, including Pakistan, resulting in a sharp increase in prices of foodgrains.

But the situation was not stable even prior to these crises. According to a World Bank report on inflation and development in Pakistan, food-related shortages and transportation challenges caused by the floods and the war in Ukraine that impacted essential grain imports significantly contributed to the inflation, but so did a hike in fuel and oil subsidies. Pakistan heavily relies on imported oil. A constant decline in the value of the country’s currency has resulted in much higher tariffs with every import of oil.

The unceasing decline in the value of Pakistan’s currency over the months has been triggered by the country’s inability to repay its foreign debt . Pakistan is essentially running on foreign loans, an economic model that only leads to borrowing more, which eventually results in bankruptcy. Between February 2023 and June 2026, Pakistan will have to repay around $80 billion in foreign debt.

As of December 2022, Pakistan held $126.3 billion in external debt and liabilities, of which 30 percent is owed to China. As much as the Chinese government has supported Pakistan’s infrastructure development through CPEC, which Pakistan is determined to benefit economically from in the future, for now, the federal government is having to repeatedly turn to the Chinese for refinancing and a rollover of debts .

Although the Chinese government and commercial banks have helped Pakistan by deferring debt repayment or rolling over debts in the past, it is hard to predict if China will continue to do so.

So far, of the numerous projects agreed upon under CPEC, only a few have been completed. Chinese frustration over endless delays in project completion, halting of projects, and security threats to its nationals working in Pakistan has resulted in hesitation to invest in new projects. Yet Pakistan remains one of the biggest beneficiaries of Chinese loans.

Many blame China for the high interest it charges on loans that have burdened many developing countries including Pakistan. Instead of the promised economic growth through CPEC, China’s loans may have worsened Pakistan’s economic crisis. But it is still too early to conclude whether CPEC debts will drain the Pakistani economy or open up opportunities for growth in the future.

For now, transparency over government spending is the need of the hour, along with restructuring the country’s economy from one that overspends on defense institutions and excessively relies on foreign debt with high interest to a model that is sustainable.

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World Bank: Pakistan’s Economy Slows Down While Inflation Rises Amid Catastrophic Floods

ISLAMABAD, October 6, 2022 - Pakistan’s economy is expected to grow by only 2 percent in the current fiscal year ending June 2023. According to the World Bank’s October 2022 Pakistan Development Update: Inflation and the Poor , the slower growth will reflect damages and disruptions caused by catastrophic floods, a tight monetary stance, high inflation, and a less conducive global environment. Recovery will be gradual, with real GDP growth projected to reach 3.2 percent in fiscal year 2024.

Poverty in the hardest-hit regions will likely worsen in the context of the recent flooding. Preliminary estimates suggest that – without decisive relief and recovery efforts to help the poor – the national poverty rate may increase by 2.5 to 4 percentage points, pushing between 5.8 and 9 million people into poverty. Macroeconomic risks also remain high as Pakistan faces challenges associated with a large current account deficit, high public debt, and lower demand from its traditional export markets amid subdued global growth.

“ The recent floods are expected to have a substantial negative impact on Pakistan’s economy and on the poor, mostly through the disruption of agricultural production,” said Najy Benhassine, the World Bank’s Country Director for Pakistan . “The Government must strike a balance in meeting extensive relief and recovery needs, while staying on track with overdue macroeconomic reforms. It will be more important than ever to carefully target relief to the poor, constrain the fiscal deficit within sustainable limits, maintain a tight monetary policy stance, ensure continued exchange rate flexibility, and make progress on critical structural reforms, especially those in the energy sector.”

This Update also outlines potential strategies to manage the impacts of high inflation. Inflation in Pakistan is expected to reach around 23 percent in FY23, reflecting flood-related disruptions to the supply of food and other goods, higher energy prices, and difficult external conditions, including tighter global monetary conditions. The Update shows that the high inflation will disproportionately impact the poor.

“While relief measures are needed to cushion the impacts of flooding, it will be critical to ensure that these are targeted towards those most in need,” said Derek H. C. Chen, author of the report . “Pakistan has previously resorted to energy subsidies, but our analysis shows that such measures disproportionately benefit better-off households, while imposing unsustainable fiscal costs. Going forward, the priority should be to tame inflation through sound macroeconomic policies. These should be accompanied by measures to provide targeted relief to those hit hardest by rising prices, including through expanded social protection programs, and to address the distortions that discourage trade and productivity.”

The Pakistan Development Update is a companion piece to the South Asia Economic Focus, a twice-a-year World Bank report that examines economic developments and prospects in the South Asia region and analyzes policy challenges faced by countries. The Fall 2022 edition titled Coping with Shocks: Migration and the Road to Resilience, launched on October 6, 2022, shows that growth in South Asia is dampening due to recent major global and regional shocks including rising inflation; the impacts of the global food, fertilizer and fuel shortages; the economic crisis in Sri Lanka; and the catastrophic floods in Pakistan. It also analyzes the impacts of COVID-19 on migration and the role labor mobility and migration can play in facilitating economic development.

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By Emily Schmall and Salman Masood

Muhammad Nazir canceled his daughter’s wedding. He parks his motorcycle at home and walks to his shop. Many of his shelves are empty because he can’t afford to stock the same supply of candy, soft drinks and cookies that he once did.

A growing number of his customers can’t buy his snacks anyway. The global inflation wave has dealt a severe blow to Pakistan, a country of 220 million people already struggling with erratic growth and heavy government debt.

As the cost of food and fuel eats up a larger share of meager incomes, people are putting pressure on the government of Prime Minister Imran Khan to do something.

“I am not making any profit these days,” Mr. Nazir, 66, said from his shop in Sohawa, a town about 50 miles southeast of Pakistan’s capital of Islamabad. “Still, I come here every day, open the shop and wait for customers.”

Surging prices have imperiled President Biden’s agenda in the United States and hit shoppers from Germany to Mexico to South Africa. But they are having a particularly nasty effect in Pakistan, a developing country already prone to political instability and heavily dependent on imports like fuel. The effect has been worsened by a sharp weakening of Pakistan’s currency, the rupee, giving it less purchasing power internationally.

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Inflation in Pakistan

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Nationwide strike: Traders shut down businesses to protest tax hikes, inflation

"if the issues are not resolved, the duration of the strike may increase," says keda president.

Traders all over the country observe a nationwide strike on Wednesday to protest against the government's tax reforms and the rising cost of electricity.

Political parties such as the Jamaat-e-Islami (JI), Jamiat Ulema-e-Islam Fazl (JUI-F), Pakistan Tehreek-e-Insaf (PTI) and Awami National Party (ANP) have extended their support to the traders, endorsing the strike across the country.

In Karachi, the Anjuman-e-Tajiran Karachi had announced a complete closure of business today ahead of the strike.

"The political leadership has failed," said Javed Shams, the president of the All Pakistan Anjuman-e-Tajiran's Sindh chapter, announcing his support for the nationwide strike.

Shams added that all business will be completely closed today in all small and big cities of Sindh. "[We] reject the hike in taxes and electricity bills."

He added that the ruling class wants to take away the right to live from the business class and the people, insisting that the "Trader Friendly Scheme" is not acceptable in its current form.

The Karachi Electronics Dealers Association has also backed the strike call. KEDA President Mohammad Rizwan said all trade unions from Karachi to Khyber are participating in the strike.

"If the issues are not resolved, the duration of the strike may increase," said Rizwan.

All Karachi Traders Union President Atiq Mir termed the strike as one of the citizens and not traders. "The common man is worried about inflation."

Govt open to 'talks'

Reacting to the countrywide strike, Coordinator to Prime Minister of Pakistan on Implementation and Monitoring, Rana Ihsaan Afzal Khan, said the government will not be pressured by traders.

Speaking during Geo News programme "Geo Pakistan", Khan invited the traders for talks if they considered the government’s “wrong”.

He added that Prime Minister Shehbaz Sharif has reorganised the Federal Board of Revenue (FBR), insisting that the retail sector must also come under the tax net.

All provinces observe traders' strike

Traders across cities in Sindh — including Nawabshah, Tando Allahyar, Thatta, Sajawal, and others — are also striking with central commercial areas as well as small- and large-scale businesses shut in adhere with the strike.

"Monthly tax, withholding tax, professional tax are anti-business policies," said Sindh Traders Association President Waqar Memon.

Meanwhile in Punjab, cities including Vehari, all business centres are closed following the call of nationwide strike by the Central Traders Association of Pakistan with all markets including those at the Club Road, Jinnah Road, Luddun Road, Rail Bazaar, Choori Bazar and Multan Road completely closed.

The president of the association, supporting the call, said that the government has imposed "cruel taxes" on the traders.

In Gujranwala, all small and major markets in the cities' inner parts including Cloth Market, Steel Market and Sanitary Market, as well as those in the Satellite Town will be closed. The city's mobile phone association has also endorsed the call for strike.

In Khyber Pakhtunkhwa's Peshawar, traders' organisations are observing the strike, as various markets remain shut across the city with trade unions demanding the withdrawal of the hike in power bills and reduction in tax rates.

All markets including Sadar Bazaar, Shafi Market, Qisa Khwani and Khyber Bazaar have been shut, while traders organisations have set up protest camps in front of the closed markets.

In Dera Ismail Khan, traders are observing a complete strike with all commercial centers closed following support from traders' association, traders' union and traders' action committee.

Markets and commercial centres in Punjab cities including Chichawatani are closed following the strike with traders demanding the government to withdraw "cruel" taxes and reduction in electricity cost.

On the other hand, JI in Charsadda have also called for the traders' strike, as all food shops including hotels remain closed.

JI to present future strategy soon

Addressing a presser in Karachi today, JI Spokesperson Qaisar Sharif said that all traders and industrialists support the party’s call for a strike.

"The public has rejected the government's attempts to stop the strike. If the problems are not resolved, a future action plan will be presented after consultation with traders and industrial organisations," the spokesperson added.

Qaisar insisted that the government end the unfair contracts with IPPs and immediately implement the agreement made with JI. "Jamaat-e-Islami will not back down from its demands without providing relief to the people."

In Lahore, JI and traders’ organisations are observing the strike as most markets and businesses of the city remain closed for the day.

All small and big markets as well as shops including bakeries, ovens, hotels, general stores also remain shut on the appeal of traders in Rawalpindi, where the business community and trade associations including the city’s Oil Tanker Association have extended their support for the strike.

A strike was also observed in other cities of Punjab such as Rahim Yar Khan, Dera Ghazi Khan, Rajanpur, Cheechawatani, Sargodha, Choonian, Taxila, Chakwal, Patoki, Changa Manga and Arifwala.

In Balochistan, too, traders have kept their shops and business closed in protest across cities including Quetta, Hub, Harnai and Mastung, among others.

Other KP cities observing the strike include Mansehra, Bajaur, Charsadda, Kirk, Bannu and Malakand.

Earlier this week, the religio-political party had announced to observe a shutter-down strike across the country on August 28 (today) to mount pressure on the coalition government to provide relief to the masses.

The announcement came after the party postponed its 14-day long sit-in on August 9 following successful negotiations with the government over demands including slashing high power tariffs and reviewing agreements with the Independent Power Producers which have been under the spotlight as people are paying hefty bills blamed on capacity payments being made to independent power producers.

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Pakistan Inflation Rate 1960-2024

• Development
• Labor Force
• Environment
• Immigration
• GDP Growth Rate
• GDP Per Capita
• GNI Per Capita
• Debt to GDP
• Inflation Rate
• Economic Growth
• Manufacturing
• Pakistan inflation rate for 2022 was 19.87% , a 10.38% increase from 2021.
• Pakistan inflation rate for 2021 was 9.50% , a 0.24% decline from 2020.
• Pakistan inflation rate for 2020 was 9.74% , a 0.84% decline from 2019.
• Pakistan inflation rate for 2019 was 10.58% , a 5.5% increase from 2018.

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Pakistan Inflation Rate

Inflation rate in pakistan eased to 11.1% in july 2024, down from 12.6% in the previous month, marking the lowest reading since october 2021 as prices eased sharply for housing & utilities (25.3% vs 35.3% in june 2024). moreover, prices also slowed down for restaurants & hotels (11.2% vs 11.9%). in contrast, prices accelerated for food & non-alcoholic beverages (1.6% vs 1%), transportation (12.2% vs 10.4%) and clothing & footwear (18.2% vs 17.8%). on a monthly basis, consumer prices increased by 2.1%, following a 0.5% increase in the previous month. source: pakistan bureau of statistics, inflation rate in pakistan decreased to 11.10 percent in july from 12.60 percent in june of 2024. inflation rate in pakistan averaged 8.45 percent from 1957 until 2024, reaching an all time high of 37.97 percent in may of 2023 and a record low of -10.32 percent in february of 1959. this page provides the latest reported value for - pakistan inflation rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. pakistan inflation rate - data, historical chart, forecasts and calendar of releases - was last updated on september of 2024., inflation rate in pakistan decreased to 11.10 percent in july from 12.60 percent in june of 2024. inflation rate in pakistan is expected to be 12.00 percent by the end of this quarter, according to trading economics global macro models and analysts expectations. in the long-term, the pakistan inflation rate is projected to trend around 10.00 percent in 2025 and 8.00 percent in 2026, according to our econometric models..

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