Is animal sacrifice on eid, obligatory?
In my opinion, qurbani (animal sacrifice) is obligatory on Hajj pilgrims only. I have failed to see any reference in the Quran or hadith which requires other people to do this sacrifice on Eid ul Adha as well.
The prices of animals has risen about 6 times since last year, and has become very unaffordable for the average Pakistani. Could you please clarify the issue.
Doing Qurbani is not binding, although it is desirable. Qurbani is directly related with rituals of Hajj, however it has also been extended by the prophet, alaihissalaam, to the rest of the Muslim communities for the non-Hajis to participate in the rituals of Hajj. However, the fact of the matter is that it is not binding.
Since most of the Pakistanis are Hanafis, and qurbani is wajib in Hanafi fiqh (even though the two famous students of Imam Abu hanifa, Imam Muhammad and Imam Yusuf disagreed with their teacher on this issue), it is not easy to convince people that they should not be bothered too much about it. It will take time and a lot of effort to make people more open about the religious views they follow.