KARACHI: Korangi Association of Trade and Industry (KATI) President Farazur Rehman expressed concern over the inflation rate exceeding 27 percent in the country.

He said that due to the lack of dollars in the country, and the non-opening of LCs, raw materials are stuck at the port due to which the demand for daily use items is increasing, and due to lack of supply, the prices are increasing.

Commenting on the data released by the Pakistan Bureau of Statistics, President KATI said that this rate is the highest in the country’s history, which the common people cannot afford. He said that the price of electricity and gas for industrialists is also increasing rapidly due to which the cost of production has also reached a historic high.

Farazur Rehman said that the alternative sources of electricity and gas are becoming expensive for the industrialists, and they prefer to close the industry after being fed up with it.

Rehman further said that in the last week, two major auto industries announced a temporary shutdown, while on the other hand, hundreds of private industries have completely shut down, causing thousands of people to become unemployed.

President KATI said that the government should take measures on an emergency basis to prevent the situation from worsening, otherwise investment in the country will end and there will be a storm of unemployment.

Copyright Business Recorder, 2022