RCCI fears rising inflation amid rupee’s free fall – Daily Notable
By our correspondent
Rawalpindi
According to the sources of Daily Notable, The Business Community, industrialists in chambers of commerce and industry have expressed their concern over the rising rate of inflation in the country. “The drastic fall in the PKR is the most immediate reason for the sharp increase in the inflation rate.
Inflation is forcing our majority population in the country to spend almost their entire income on the very basic necessities of survival like food, clothing and shelter, said Saqib Rafiq, president of the Rawalpindi Chamber of Commerce and Industry (RCCI).
Inflation affects the lower section of the society, which constitutes more than 70 percent of the country’s total population, he added.
In a statement, the RCCI President said that the Consumer Price Index (CPI) on a monthly basis along with the ‘Wholesale Price Index’ (WPI) and the Sensitive Price Indicator (SPI) on a weekly basis have increased manifold.
Citing Pakistan Bureau of Statistics (PBS) data, he said weekly inflation, as measured by the Sensitive Price Index (SPI), showed a year-on-year increase of 32.57 percent for the combined income group at the end of January. 26 due to massive increase in prices of food and non-food items, especially vegetables like onions.
He added that the government should focus on economic reforms in addition to fair policy formulation, reorganization of legislation and its implementation. – PUNA
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