Soaring prices posing a problem
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Posted on 4/16/2012
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In today's world soaring prices are posing a big problem and are increasing at a tremendous rate. Prices of essential commodities are skyrocketing making it difficult for the middle class families to cope up.
The most important factor responsible for soaring prices is the rise in the price of petrol and diesel globally. This is because of increase in production cost, political uncertainty, and fear of war over Iran. Another reason for this could be the inadequate rainfall leading to crop failure and hence, poor storage in godowns. Scarcity of food items in the market as compared to the huge demand has led to inflation. The problem has continued because there has been no check on activities like hoarding and black marketing.
There are many solutions to this problem but the initiative has to be taken before the situation becomes even worse .The prices of the commodities should be made affordable, at subsidised prices.
The prices can be controlled or even reduced by taking some tough steps by cutting the unnecessary Government expenditure, by reducing sales tax, using innovative technology to increase the production of crop and consumable products. Simultaneously government should curb the corruption and take preventive measures to control the activities of hoarders and black marketers.
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Report: Afshan Arshad
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