Pakistan, Feb. 9 -- As Ramazan approaches each year, the country finds itself caught in a familiar cycle of inflationary pressure, one that resurfaces even after brief periods of price easing. Following three weeks of declining prices, inflation has begun to climb again, with essential food items showing early signs of stress as consumer demand rises ahead of the holy month.

The government's response is by now well-rehearsed. Officials will pledge enhanced "monitoring," district administrations are mobilised, and a small number of retailers will be hauled up for inspection while the rest of the supply chain remains largely untouched. Consumers, meanwhile, face higher prices alongside a steady stream of explanations that do little to ease...