As per consumer price index (CPI) inflation in J&K at 7.42 %, is the highest of all states in India making it the costliest place to live in.
The 7.42% inflation rate is the highest among all states and higher than the India average of 6.26 percent.
According to the CPI data for June released by the Union ministry of statistics and program implementation, J&K is among the states, UTs having a higher inflation rate than all India average. This signifies the concern of people in J&K who decry the skyrocketing prices of eatables, edible oil and petroleum products, which is making a hole in the pockets of common masses.
Concern of the masses:
“Nobody is talking about the economic crisis people are facing due to high prices of almost everything, in just one year the price of edible oil has come up by Rs 1000 per 15 litre, petrol is above 100 a litre,” said Muhammad Alysas, a Srinagar resident.
As per the local traders, the higher prices of goods and commodities have not only affected its consumers but also resulted in less business turnover in the markets.
What is the reason behind this?
As per the officials, there is no breather for inhabitants of the state. Major factors attributing to the rising costs in the state is heavy dependence on imports from other places.
J&K on an average imports goods and food items worth Rs 40,000 crore annually from other states.
The ever increasing petroleum prices have become a major reason for the escalating inflation in the state, given the heavy transportation costs and tough terrain. With around 52 percent state and central taxes on fuel, the prices of petrol and diesel have shot up.
“Our failure to stop unabated conversion of agricultural land coupled with failure to introduce latest agro-technology is leaving us badly dependent on outside supplies. Adding to it, soaring fuel prices have resulted in increase in rates of almost every commodity meaning that people have to shelve out extra bucks from their pockets,” said President, Kashmir Retailers Association, Farhan Kitab.
( Featured photo : Faizan Wani/ Kashmir Digits)