Pakistan: Inflation reduces Eid-ul-Fitr business in Karachi
Karachi, Pakistan: The inflation rate in Pakistan remained so high that its impact was felt in the market where traders seemed dejected about Eid-ul-Fitr sales.
It was hoped that the market will show recovery this year after COVID-19 induced slump for the past two years.
Traders also slammed the Pakistan Tehreek-e-Insaf’s (PTI) announcement of holding political rallies throughout the country on the eve of Eid, because these gatherings often result in traffic jams and parking issues, which in turn can cripple Eid business during what is considered peak time, reports The News International.
All Karachi Tajir Ittehad Chairman Atiq Mir thinks that Eid sales in the city this year will hardly be able to cross the mark of Rs 25 billion.
He estimates that last year, when the pandemic was still a major issue and a partial lockdown was in place, Eid business had crossed the Rs 30 billion mark.
Mir told the newspaper that Karachi has witnessed the worst Eid sales for three consecutive years. “We haven’t seen such a sharp decline in Eid business in decades.”