The prices of food and other essential items are likely to go up by 20 to 25 percent due to increase in POL prices by the end of this month, traders said on Saturday. A brief visit to different markets revealed that business activities were slowing down since the inflationary impact of recent fuel price has begun to start, as traders believe the essential commodities would become costlier in coming weeks because of transportation and output cost.
Speaking to Business Recorder, Chairman All Karachi Tajir Ittehad, Atiq Mir said the government's move to increase POL prices from April 1, this year had started having its inflationary impact on different items and the prices of items of daily use would increase further.
He predicted some 25 percent increase in the prices of essential items in the country as transportation and productions cost was going up since the prices of fuel and gas had gone up. He said sales of different items had reduced to around 4 percent while inflation in real terms had touched 12 percent mark. He said that industrial activities had also reached its lowest in recent months with the multiple effects including law and order situation, strikes in the metropolis, electricity shortage and the unviable taxation system. Mir also criticised the government for its decision to conserve energy in the country, saying that the closures of markets at 8pm would badly affect business activities in the country.