ISLAMABAD (APP) - President Islamabad Chamber of Commerce and Industry, Muhammad Ijaz Abbasi has said high inflation has depleted people's purchasing power and put negative impact on business activities in the country. In his comments on the slow turn out of customers for Eid shopping here Friday, he said when inflation crosses reasonable limits, it puts negative effects on consumers, businesses and the economy because it reduces the value of money. He said price hike also discourages savings and investment; therefore, there is a need of urgent remedial measures to arrest the rising trend of inflation as well as downward slide of rupee to ease pressure on the economy. He said rising electricity and fuel prices have made conditions tougher for people squeezing their purchasing capacity. Muhammad Ijaz Abbasi said incomes of foreign investors have also gone down as inflation has reduced the value of Pakistani rupee in the last four months. He said earlier foreign investors used to repatriate their income at the rate of Rs. 60 a dollar, now they have to pay more than Rs. 78 for one dollar. He said inflation has also increased production and credit cost of their businesses and added domestic manufacturers have been getting their working capital at 18 per cent, and have to first earn this much just to pay back the banks and then earn another 3-4pc just to cover their recurring expenses such as wages, electricity, gas bills etc, which has reduced their profitability. ICCI President said due to this factor, they are gradually losing their market to import products which is harmful for our economy.