Like previous polls, slogans and manifestos of contesting political parties have emerged to bring about a revolution in people’s lives after their win in the February 2024 general elections.

However, massive food inflation and unbearable utility bills before the new election compared to previous 2018 polls expose the rosy promises of elected candidates that nothing has been done to bring down consumers’ cost of living.

The food inflation was not as high during PTI’s tenure compared to the coalition led by Shehbaz Sharif from April 2022 to August 2023, allowing the manufacturers and market players to play havoc with the commodity prices.

Then, the existing caretaker government brought more misery to the already inflation-hit people. The meteoric rise in gas and power tariffs has ruined many people’s lives, forcing them to think twice before doing anything or securing loans to settle any domestic issue.

No party is focusing on the economy’s core issues in the short run or how to overcome the challenges of huge external debt payments in the long run

The issue of suicide cases has also surfaced in the last two years, compelling the sole bread earners to take the lives of their wives and children for failing to meet daily requirements or owing to becoming defaulters. In some cases, mothers took the lives of their children.

Soaring food inflation was tackled as a secondary issue from Imran Khan’s tenure till the current caretaker government.

Price stability, hoarding and profiteering by the market forces, availability of essential items and the margin between wholesale and retail prices have been discussed regularly in the meetings of the National Price Monitoring Committee (NPMC), but efforts to curb the spike in the price of food items remain usually confined in the media headlines.

On the one hand, there is a lack of any follow-up of the decisions taken in NPMC and even in Cabinet meetings about food prices. A thin number of officials and the lack of serious efforts by the city government contribute to the problem.

As the leaders of the political parties are currently holding each other responsible for devastating lives, a number of independent candidates belonging to the business community are in the run with an aim to improve people’s living standards.

However, historical evidence shows that candidates, be they representing political parties or standing independently, often disappear from the scene after winning the polls, leaving the consumers in an awkward situation.

If the economy is stabilised and the required reforms are implemented, only then will we be able to see stable food and utility prices

Among the incentives being promised by the political parties, some eye-catching ones are made by PPP Chairman Bilawal Zardari Bhutto of providing free electricity up to 300 units through solar power, doubling the income of the common man and free education to the youth.

A similar promise of home solar panels for low-income households has been made in PML-N’s manifesto as well, along with equality of opportunity through education and prosperity for the labour force.

The Chief Organiser and Senior Vice President PML-N Maryam Nawaz said this electoral battle is not merely about winning votes but also about rescuing the people from the clutches of inflation and formulating a programme to eradicate unemployment and poverty.

Chief Executive of Top Line Securities, Mohammad Sohail, said that no party focuses on the economy’s core issues in the short run and how to overcome the challenges of huge external debt payments.

“The challenge for the new government will be to enter a long-term International Monetary Fund (IMF) Programme and stabilise the economy,” he said. “If the economy is stabilised and much-needed reforms are implemented, only then will we be able to see stable food and utility prices,” he added.

Giving a glimpse of rising power and gas tariffs, Mr Sohail said the base power tariff has swelled to Rs30 per unit from Rs12 in 2018 while the average domestic gas tariff is now Rs 1,327 per/MMBTU as compared to Rs641. The commercial gas tariff is now quoted at Rs3,900 per/MMBTU versus Rs980 five years back.

Many people believe this year’s election will be different from the previous polls. Previously, the candidates knocked on voters’ doors, but this year, the voters are more aware and will vote only for those who have worked sincerely in their areas.

One of the major reasons behind the push in costs was the exchange rate parity, as one dollar is now traded at Rs279, compared to Rs123 in August 2018 in the interbank market, making the landed cost of raw materials and finished products expensive.

This is one of the manufacturers’ excuses for raising prices, but successive governments have never forced them seriously to lower prices when the rupee gains strength against the greenback.

A survey reveals that petrol and diesel, Rs95 and Rs113 per litre in the last election, are now available at Rs259 and Rs276 per litre. When the PTI government came into power, CNG was priced at Rs82, against the current rate of Rs310-320 per kg. Prices have risen exponentially across the board, from food items to cement bags and steel bars.

To find your constituency and location of your polling booth, SMS your NIC number (no spaces) to 8300. Once you know your constituency, visit the ECP website here for candidates.

Published in Dawn, The Business and Finance Weekly, January 29th, 2024