In a recent study published in the Time magazine, that Pakistanis spent the highest percentage of their income on food in the world i.e. 46%. This is a dubious distinction and it doesnt mean that we eat more, so we spend more. This is a worrying statistic which signals not only food-price inflation but also the fall in real purchasing power and the falling absolute incomes in the country.
Inflation in food prices falls disproportionately harder on the lower classes and the lower-middle classes. Pakistan has seen unprecedented food-price inflation in the past year with prices of commodities like rice, flour, sugar, vegetables and meats reaching all-times highs. While overall inflation hovered around 16 percent, the food price index was considerably higher. This means that the lower classes that spend more on food and basic item will be hit harder by this current stagflationary trend in the country will push the lower classes into further misery and we are not talking about the people living below the poverty line but people in middle-income and lower-middle income groups. When food security is not ensured in a country, it makes for a very disillusioned populace and it affects the social fabric of a society very badly. The government cannot arrest the trend of inflation in the country given global economic trends but it can make selective policies that at least address the issue of food price inflation as a separate issue.
KAINAT FATIMA
Lahore
