KARACHI – The record inflation burden of basic commodities decimated the purchasing power of Pakistanis on Eid while there was no major relief for the masses.
All Karachi Tajir Ittehad reported a sharp drop in Eidul Fitr sales in the country’s financial capital amid rising inflation.
Chairman Atiq Mir said retail sales in the metropolis plunged by 70pc this year, with total earnings of only Rs18 billion during Ramadan 2024.
AKTI Chairman linked the decline in sales to inflation and the deteriorating law and order situation in the city. Despite a little drop in inflation, masses have been reluctant to make new purchases this Eid due to the economic downturn.
Food inflation saw record surge prompting even affluent people to change their lifestyles to deal with the escalating prices.
In other cities like Lahore, Islamabad, and Faisalabad, the bustling markets and shopping centers catering to the middle and lower-middle classes saw a decrease in customer numbers.
This decline in sales contributes to the overall slowdown of Pakistan’s economy, which has faced challenges in recent years.
