KCCI Raises Alarms on Impending Price Surge Ahead of Ramadan

KCCI Raises Alarms on Impending Price Surge Ahead of Ramadan

Karachi, March 7, 2024 – The Karachi Chamber of Commerce and Industry (KCCI) has voiced deep concerns regarding a looming massive price hike ahead of the holy month of Ramadan.

Senior Vice President Altaf A. Ghaffar, in a statement issued on Thursday, urged Chief Minister Sindh Syed Murad Ali Shah to convene a meeting of the Price Control Committee to devise effective strategies and adopt stringent measures to curb the skyrocketing prices of various household products.

Expressing his apprehensions over the across-the-board inflationary trend, Ghaffar highlighted the urgent need for decisive action. He warned that unless strict measures are implemented, the ongoing inflationary wave could severely impact the already burdened masses. Ghaffar pointed out that profiteers and hoarders have initiated illegal activities to maximize profitability, raising prices, and creating artificial shortages of essential household products and commodities.

Demanding vigorous action against both hoarders and profiteers, the Senior Vice President emphasized the necessity of stringent measures. He criticized the weak enforcement mechanism for rate control, noting that prices of various commodities are now rising within a matter of days due to governance issues.

Ghaffar stressed the imperative need for an effective price control mechanism, complete with final rates and profit margins for each household product. He called for the uncompromising implementation of these measures across the board. Ghaffar also proposed the formation of committees with representation from market associations to ensure a comprehensive and inclusive approach to price control.

While acknowledging the impact of rising electricity, gas, and petroleum prices, Ghaffar noted that many shopkeepers were independently increasing the prices of essential commodities beyond the justified surge in energy prices. He urged a revisit of the implementation strategy for price control to curb blatant exploitation.

Highlighting the negligence of Deputy Commissioners in addressing the issue, Ghaffar expressed disappointment that despite routine directives, they often pay little attention to stabilizing prices of essential commodities. The Senior Vice President stressed that the situation has become dire, making it nearly impossible for even the middle-class segment of society to manage their domestic expenditures.

Ghaffar urged Chief Minister Sindh to promptly address the matter by convening a meeting of the Price Control Committee, including all stakeholders. He emphasized the need for a swift and comprehensive plan of action to bring relief to the economically burdened citizens ahead of the holy month of Ramadan.