ISLAMABAD: Pakistani traders on Saturday announced holding nationwide conventions after Eid Al-Fitr to protest unprecedented inflation and deteriorating national economic conditions, with food, beverage and transport prices surging up to 50 percent year-on-year.
The announcement came as the consumer price inflation in Pakistan jumped to a record 35.37 percent in March from a year earlier and more than a dozen people died in stampedes for food aid. The March inflation number eclipsed February’s 31.5 percent.
Speaking at a press conference, Kashif Chaudhry, president of the main association of traders in Pakistan, blamed the record inflation on the government’s “poor policies.”
“Along with the public, traders are being affected the most by inflation. Markets are deserted, factories are closed and workers are unemployed,” he said.
“We will hold nationwide conventions after Eid and will take to the streets if the issues were not resolved.”
Chaudhry urged all political parties to quit power politics as it was not in favor of the masses. “Everyone will have to sign a charter of economy and traders will unite all stake-holders in the country,” he resolved.
He asked the government to stop the humiliation of poor masses in the name of provision of free flour. “Poor women, elderly people and children are being humiliated in queues [for free flour],” he said.
Thousands of people have gathered at flour distribution centers set up across the country, some as part of a government-backed program to ease the impact of inflation, amid biting inflation.
At least 16 people, including five women and three children, have been killed in stampedes at flour distribution centers in recent days, police and officials have said. Thousands of bags of flour have also been looted from trucks and distribution points, according to official records.
The South Asian nation has been in economic turmoil for months with an acute balance of payments crisis while talks with the IMF to secure $1.1 billion funding as part of $6.5 billion bailout agreed in 2019 have not yet yielded fruit.
A monthly economic outlook report issued by the finance ministry on Friday projected inflation would remain elevated.