Relief eludes consumers in Ramazan despite inflation dip

Iqbal Hussain was among many hoping for significant relief in commodity prices this Ramazan, especially after a sharp decline in the country’s inflation rate. The annual inflation, which soared to a record high of 38 per cent in May 2023, dropped to a near-decade low of 1.5pc in February, according to official data released this week. However, despite the dramatic decline, the prices of essential goods remain stubbornly high, dampening the festive spirit of Ramazan. “Prices of almost all commodities are even higher than they were last Ramazan,” Hussain, an accountant at a private firm in Karachi, told Anadolu. “Ramazan used to be a time of joy and celebration, even for people in lower-income brackets, but that’s no longer the case.” Hussain, who supports a family of six, had expected the prices of staple foods such as milk, meat, and fruit to drop in line with the government’s claims of economic improvement. Instead, he found that the cost of daily essentials had either remained the same or increased.