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English Essay Inflation in Pakistan

 Inflation in Pakistan

Inflation refers to a continuous, general increase in the price of goods and services. Rise in prices is called inflation. Inflation at very fast rate is Hyper-Inflation, medium is Strato-Inflation and low lever is Creeping inflation. During the recent years, the rise has abnormal and it has endangered the stability of our economy nationally and individually. In Pakistan, inflation has become an unending disease to our economy. Once a state is caught in the circle of inflation, it is difficult for that state to get rid of it.

Various factors contribute to the rise in prices. Some are natural factors like unfavorable weather conditions, which affect the food production and lead to the shortage of commodities in the market. With more money chasing fewer goods, the prices take to the wings. Besides this natural problem, there are synthetic problems like hoarding which contribute to the rapid increase in prices. The trading

community, which senses a shorting of certain commodities, especially the essential commodities, they resort to large-scale hoarding. They release the hoarding products after increase in the prices and make a neat margin over their investment in the hoarded products. They get so much profit but it waters
inflation.

The rise of prices in Pakistan can also be attributing to the despicable acts of traders. Their only motive is to get maximum profit and so they try to charge lots of money from the customers as much as possible. This has created a class of people who are becoming richer day by day and the other class is becoming poorer. Hoarding is also playing a bad role in escalation of prices in the commodities

One of the most important reasons for inflation is the deficit budgeting. In order to cover th e gap Pakistan has been printing more paper currency because foreign aid and taxes can not cover up the deficit. Therefore, there will be greater circulation of paper money. There will be hike in prices of domestic used products as the purchasing power of the people has increased. Wrong taxation policy has also been responsible for the rise in prices. The hike in taxes results in greater desire to avoid taxes. Thus public takes wrong way of not paying taxes and there will be escalation in prices.

Inflation is one of the obstacles on the way of development. In Pakistan, it has squeezed the major part of the population. It needs to be controlled by strategic planning. Domestic production should be encouraged instead of imports; investment should be given preference in consumer goods instead of luxuries, Agriculture sector should be given subsidies, foreign investment should be attracted, and developed countries should be requested for financial and managerial assistance. And lastly a strong monitoring system should be established on different levels in order to have a sound evaluation of the process at every stage.

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