Fatima Rizvi
Member
The soaring inflation rates have severely impacted the purchasing power of Pakistanis during Eid, with little relief in sight for the general population.
The All Karachi Tajir Ittehad (AKTI) reported a significant decline in Eidul Fitr sales, particularly in Karachi, the country's financial hub, as inflation continues to rise.
According to Chairman Atiq Mir, retail sales in Karachi plummeted by 70% this year, resulting in total earnings of only Rs18 billion during Ramadan 2024.
Mir attributed this sales decline to both inflation and the worsening law and order situation in the city. Despite a slight decrease in inflation, people have been hesitant to spend on Eid due to the economic downturn.
The surge in food prices due to inflation has forced even affluent individuals to adjust their lifestyles to cope with the increased costs.
Similarly, markets and shopping centers in cities like Lahore, Islamabad, and Faisalabad, which cater to the middle and lower-middle classes, experienced a decrease in customer footfall.
This downturn in sales adds to the broader economic slowdown faced by Pakistan in recent years, highlighting the challenges the country's economy is grappling with.
The All Karachi Tajir Ittehad (AKTI) reported a significant decline in Eidul Fitr sales, particularly in Karachi, the country's financial hub, as inflation continues to rise.
According to Chairman Atiq Mir, retail sales in Karachi plummeted by 70% this year, resulting in total earnings of only Rs18 billion during Ramadan 2024.
Mir attributed this sales decline to both inflation and the worsening law and order situation in the city. Despite a slight decrease in inflation, people have been hesitant to spend on Eid due to the economic downturn.
The surge in food prices due to inflation has forced even affluent individuals to adjust their lifestyles to cope with the increased costs.
Similarly, markets and shopping centers in cities like Lahore, Islamabad, and Faisalabad, which cater to the middle and lower-middle classes, experienced a decrease in customer footfall.
This downturn in sales adds to the broader economic slowdown faced by Pakistan in recent years, highlighting the challenges the country's economy is grappling with.