ICCI shows concerns over record high inflation in 20 months - Press Release issued by Islamabad Chamber of Commerce and Industry.

Islamabad -- December 01, 2021 (PPI-OT)

Following is the text of press release issued by Islamabad Chamber of Commerce and Industry (ICCI)

Quote

Muhammad Shakeel Munir, President, Islamabad Chamber of Commerce and Industry (ICCI) said that the Consumer Price Index (CPI) has shot up to 11.5 percent in November recording its highest level in the last 20 months, which should be a cause of concern for the policymakers as rising inflation would drastically reduce the purchasing power of people and put a negative impact on business and economic activities.

He said that the food inflation has jumped by 11.9 percent in urban areas, average inflation measured by the Sensitive Price Index has exceeded 18 percent and Wholesale Price Index has surged to 27 percent in November. These figures showed that things were getting tougher for the common man and the business sector. He called upon the government to take urgent measures to curb the rising inflation to save the people and the businesses from deep troubles.

Muhammad Shakeel Munir said that the unprecedented surge in oil prices, hefty hike in policy interest rate, frequent increase in electricity and gas tariffs, constantly falling value of rupee and high taxes were the major factors that have combined to push up the inflation. He said that the rising inflation has increased freight charges making international trade costlier that would hurt our exports. He emphasized that the government should evolve a comprehensive price control mechanism in consultation with all stakeholders to save the economy from further plunge.

Jamshaid Akhtar Sheikh, Senior Vice President ICCI said that the shrinking purchasing power of the consumers due to inflation was taking a big hit on the business activities and businesses were facing losses that would increase...