Increase in energy and tax rates will lead to increase in inflation rate: Atif Ikram sheikh

ISLAMABAD: President of Federation of Pakistan Chambers of Commerce and Industry Atif Ikram Sheikh has said that the current fiscal inflation rate will exceed 22 percent due to the increase in tax rates and energy prices.

President Federation of Pakistan Chamber of Commerce and Industry Atif Ikram Shaikh has said in a statement that the government should reduce its expenses to provide relief to the masses. The burden has been transferred to the people and the industrialists by increasing the electricity and gas prices, the people are suffering from serious problems.

The electricity in Pakistan is more expensive than other countries in the region, the loans taken from commercial banks at high interest rates are affecting the economy. The poison is a killer, the government has to pay interest of Rs 8500 billion on loans from commercial banks this fiscal year.

The IMF agreement is welcoming but the burden should not be put on the people. As a result of expensive energy, inflation will increase due to the increase in production cost. Inflation has increased in the fiscal year that started from July 1. The government has set a target of 12 percent inflation for the current fiscal year but inflation will exceed to 22 percent.

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