ISLAMABAD: Fateh Khan, a small farmer on the outskirts of Islamabad, faced a major disappointment when he failed to sell his goats for Eid ul-Adha.
“I have been raising 15 goats for over a year. I spent a lot of money on their food and care. I was expecting to sell them at a good price in the market, but I only sold four because there were very few customers this year,” Khan told Xinhua at the Tramri cattle market on the second day of Eid.
Last year, he was able to sell 80 percent of his livestock because he could settle for less. But he has no option this year because of a sharp increase in the prices of food and transport. He will face losses if he lowers the price to meet the purchasing power of the customers.
The three-day Eid ul-Adha falls on the 10th day of the last month of the Islamic calendar. During the festival, Muslims slaughter animals and share a portion of meat with the poor, another with relatives and keep one for themselves.
The greatest economic activity of the year takes place during Eid. People splurge billions of rupees to buy cattle, dresses, food, and other festive items. Last year, spending on sacrificial animals for Eid amounted to about Rs335 billion.
Local analysts believe that this year, due to inflation in fuel, electricity and food, the purchasing power has decreased, which had a direct influence on Eid. According to the Pakistan Bureau of Statistics (PBS), inflation accelerated to 21.3 percent in June, a 14-year high.
Talking to Xinhua, Jameel Ahmad, a teacher at a local college, said this year the prices of cattle are beyond the budget of most middle-class families. Skin disease in cattle contributed to the rise in goat prices due to high demand.
Monsoon rains, which have left 147 people dead across the country, have also marred the festivities. Karachi remained drenched in the rain during the first and second day of Eid, with many streets and roads underwater, making it hard for people to slaughter animals, or buy them from the market.
“Normally during Eid, cattle farmers from Balochistan head towards Punjab and Sindh to sell their animals, but this year the rain stopped the farmers from heading for other cities,” Tasawwar Awan, a cattle market dealer in Islamabad, told Xinhua.
Though fewer sales took place during Eid, due to inflation, the Eid market is expected to grow because of an increase in the prices of cattle from the previous year.
“Due to inflation, the purchasing power of a lot of people has decreased, while a significant rise in the prices of cattle, transport and other connecting sectors made people spend more money,” said Ahmad Farhan Saeed, assistant professor of economics at the University of Peshawar.
