Islamabad - Pakistan's inflation rate surged to its highest level in more than 30 years and every stratum of the society is affected by the gruesome price hike of day to day commodities. This was stated by Muhammad Ijaz Abbasi, President, Islamabad Chamber of Commerce and Industry while commenting on phenomenal rise in prices of different commodities in Pakistan. He said that for the common man in the society it has become nearly impossible to support a family. He said that it has become extremely hard to fulfill the needs of children regarding their food, health, education and entertainment as things have gone through the roof and beyond the reach of the common man. President ICCI said that consumer prices in Pakistan rose at an annual rate of 19.3 per cent till May 08, up from 17.2 per cent till April 08, on the back of soaring fuel and food prices, which is becoming unbearable for the common man. He said that increase in prices of different commodities like rice, wheat, pulses, ghee and other eatable items took Pakistan's inflation rate to its highest since 1975 when annual average prices rose by 26.83 per cent. He said that consumer prices are expected to rise further as the government slashes subsidies on fuel oil, electricity and food items till December 2008. ICCI President said due to increase in gas and electricity prices, cost of construction material like cement & steel has also increased substantially and it has become very difficult for a common to build his own house. He said that many sectors are associated with construction industry and a big chunk of labor force earns its livelihood from this industry, but hike in the cost of construction material has multiple negative effects on construction and its associated sectors, which brings further difficulties for people. Abbasi said that textile sector contributes more than 60 percent to the total exports of our country, but 68 percent increase on captive power generation will cripple our textile industry. He said 70 to 80 percent textile and other large scale manufacturing units had their own captive power generating and the recent measure would force them to become sick units besides creating a new generation of unemployed workforce. He informed that over 33 industrial units have ceased their operations in Karachi only owing to recent 31 percent increase in gas tariff while 68 percent increase in captive power generation was tantamount to murder of industry, particularly of textile industry. He stressed upon the government to take urgent remedial measures to rescue our textile industry from utter ruin and extinction by eliminating this unprecedented hike in captive power generation. President ICCI said that electricity and gas are the main sources of energy for all sectors of economy in Pakistan and withdrawal of subsidies on electricity and gas will further hike the prices of these major sources of energy, which will have multiple negative effects on society.