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Saturday, December 02, 2023  
17 Jumada Al-Awwal 1445  

Automobile sale plummets amid soaring inflation

Sellers fear situation will lead to increased unemployment
only 5,900 cars were sold in August FY23. Photo Reuters
only 5,900 cars were sold in August FY23. Photo Reuters

Amid rising inflation the sale of vehicles plummeted by 50 percent in Pakistan with automobile dealers expressing concerns about potential unemployment.

The Automobile Manufacturing Association says that only 5,900 cars were sold in August FY23, which was 52 percent lower than the corresponding month previous year.

Dealers are attributing the declining sales to the increasing rate of inflation and the skyrocketing petrol prices. They have expressed concerns that if the situation remains the same, conducting business will become more challenging than it has been in the past.

Car sellers also said closing of business will cause unemployment to skyrocket.

People said that purchasing a car had become a dream. At a time when commodity prices were at their peak, it was too difficult to own a car.

However, in a recent report from the Pakistan Bureau of Statistics, the nation’s weekly inflation, the Sensitive Price Indicator, has unveiled intriguing trends that provide a dynamic snapshot of consumer spending.

The report highlights a significant 0.25% decrease in the SPI for the combined consumption group.

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