PM Imran Khan claims inflation is now at record low

By: News Desk      Published: 02:10 PM, 31 Jan, 2021
PM Imran Khan claims inflation is now at record low
File photo.

Prime Minister Imran Khan sharing more good news on the economic front has said that the government’s efforts to reduce inflation are now showing results and consumer price index and core inflation are both now lower than when the PTI government was formed, reported 24NewsHD TV channel. 

In a tweet posted on Sunday, the prime minister said, “I have told my economic team to stay vigilant & ensure that inflation stays under control.”

Planning Minister Asad Umar also claimed that the inflation continues to decline as January inflation (CPI) is down to 5.7 percent and core inflation is at 5.4 percent. 

In a tweet, Asad Umar said, “Last month (July 2018) prior to PTI govt’s formation, CPI was 5.8 percent and core was 7.6 percent. The rate of inflation is LOWER today than when the PTI govt was formed.”

Contrary to the government’s claims, the Pakistan Bureau of Statistics (PBS) had said on Friday last that inflation is still moving upwards.

The Sensitive Price Indicator registered an increase of 0.52 percent over last week, mainly due to raise in rates of food items. Prices of 18, out of 51, essential items increased and rate of nine items decreased, the PBS said. 

The prices of chicken, cooking oil, ghee, mustard oil and washing soap surged while prices of potatoes, onions, LPG, sugar pulses and bananas went down, the bureau said. 

A couple of days ago, former finance minister Dr Hafiz Pasha warned that the inflation rate will reach 10 percent in six months if the surge in oil and electricity prices in the international market continue going up. He foresaw the next six months worst ever for the common persons of the country.

Like other parts, the country has severely been affected by the coronavirus spread. Experts have been struggling for balancing between life and livelihood. Micro, small, and medium-sized enterprises (MSMEs) are being dubbed as the major victims and continued increase in prices of oil and electricity are adding fuel to fire in case.