PUBLIC PERCEPTION ABOUT THE IMPACT OF INFLATION ON EVERYDAY LIFE IN URBAN FAISALABAD

Abstract

Now a day, inflation has become a menace and a pressing socio-economic challenge affecting the quality of life of people in developing countries including Pakistan as the increasing price of essential goods and services have significantly reduced household purchasing power. The present study explored public perceptions regarding the impacts of inflation on living standards in Samanabad, Faisalabad using a quantitative research design and data were collected from 200 respondents selected through a systematic sampling technique from four localities of Samanabad Faisalabad. The questionnaire was employed for data collection. The collected data were analyzed on Statistical Package for Social Sciences (SPSS) through descriptive statistics and percentage distributions. It was revealed from the findings that inflation has severely affected household living standards through rising food prices, reduced purchasing power, declining savings and increased financial stress and the participants identified the factors i.e. corruption, poor governance, political instability and global economic conditions as major contributors to inflation. Moreover, it further examined that inflation is linked with social inequality, psychological stress and reduced access to quality education and healthcare services as majority of the respondents stressed the importance of improved governance, employment generation, local production and stronger economic policies to address inflationary pressures. It was concluded that inflation is not only an economic issue but also a social problem that influences the overall well-being and quality of life of individuals and families. The effective policy measures are needed to protect vulnerable groups and improve living standards.