"Inflation is the silent killer of wealth, steadily eroding the purchasing power of every dollar and raising the cost of living." ~Suze Orman
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Greetings To All Readers!!
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My homeland Pakistan is an important south-asian country. It is facing economic downfall because of incapable economic policies of government. The cost of living in Pakistan as compared to western countries like United States and United Kingdom is low because of less prices of food, transportation, housing. But the earning and living standard in Pakistan low. United States and United Kingdom have quality health and education department.
Factors That Influence Cost of Living In Pakistan :
Details of factors that influence cost of living in Pakistan is below š
Inflation :
Inflation based on the Consumer Price Index (CPI) increased to 28.3% in January 2024 compared to 27.6% in January 2023 on a year-on-year basis. overall inflation increase the prices of food items, housing, utility expenses and others.
Income Levels :
The low average income of individuals in Pakistan effects their purchasing power and casue hardships in their lifestyle. Higher income allows individual to live and spend on quality lifestyle.
Housing Costs :
Housing cost in Pakistan is very high. More than 60% of individual lives in rental homes, hotels and hostels. Housing cost varies according to area and amenities. I myself pay 50 USD (14000 Pkr) house rent monthly.
Food Prices
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Food is basic need of human life. The prices of vegetables, fruits, grocery, beans, meat effects individual budget. Weather conditions, incapable government policies and inflation effects the prices of food items in Pakistan.
Utilities :
Utility costs such as electricity and gas bills burdened individuals monthly budget. Government surplus taxes and subside influence household and business.
Healthcare and Education :
Healthcare and education contribute to the overall cost of living. Government health and education department failed to serve general public in Pakistan. Deserving patients from rural areas have no access to free medical aid and treatment facilities.
Cultural and Lifestyle Factors :
In Pakistan, individual preferences, lifestyle cost and cultural norms effect cost of living. Pakistani spend more on their traditions and trends. They used to do unnecessary expenses on festivals and ceremonies.
Comparison With Other Countries :
Cost of living in United States and other developed countries in the world are higher than Pakistan. However, income in United States is higher than Pakistan. A labour wage in Pakistan is less than 5 USD per day. While United States offers 7-8 USD wage for labour per hour. Adding up housing, utility, food and transportation expenses, the estimated total monthly cost of living for a single individual in Pakistan could range from PKR 53,000 to PKR 113,000. With comparison to total monthly income one has to struggle to meet basic needs of life in Pakistan.
Preclude Remarks :
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In Pakistan cost of living is lower than country but it isn't affordable for native because of low income and inflation. The government of Pakistan need to implement effective economic policies to overcome inflation, boasting individuals earning and improve living standard.
That's all for today's blog......
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