Inflation: The Social Monster Socio-Economic and Psychological Impacts of Inflation and Price Hike on Poor Families of District Malakand, Khyber Pakhtunkhwa, Pakistan
International Journal of Business and Social Science Vol. 2 No. 14
11 Pages Posted: 12 Jun 2012
Date Written: June 12, 2012
Inflation and price hike is one of the hazardous aspects in the social and economic spheres of individuals that are persevering to vacate the roots of social stability and development of the subject masses. This study describes the socio-economic and psychological impacts of inflation on poor families, which was conducted in District Malakand, Khyber Pakhtunkhwa province of Pakistan. Data was collected from 280 respondents categorized in different segments with dis-proportionate stratified random sampling technique using interview schedule. The data has been analyzed by applying Chi-square test and processed in the form of tables and bar-charts, while discussions have been made on the basis of findings and results. The results show that inflation as a social monster has multidimensional impacts upon the social, economic and psychological spheres of poor families, which paralyze their overall development. The study suggests that general mass awareness, proper policy making and implementation, strict punishment to the culprits and hoarders, and lucrative utility of mass media are inevitable and can play a vital role in eradication of the evil of inflation and price hike.
Keywords: Inflation, Price hike, Poor families, Social monster, Impacts
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