Inflation On Decline, Govt Announces Reduction In Ghee, Sugar, Flour Prices
Mohammad Ali (@ChaudhryMAli88) Published September 22, 2021 | 05:10 PM
ISLAMABAD, (UrduPoint / Pakistan Point News - 22nd Sep, 2021 ) :Announcing reduction in the prices of various essential food items, Federal Minister for Finance and Revenue, Shaukat Tarin said Wednesday that despite highest increase of inflation in a decade worldwide, inflation has declined in the country, owing to balanced policies of the government.
"The Consumer Price Index (CPI) based inflation has come down from 9.3 percent to 8.4 percent during the last two years,' he said while addressing a press conference here adding that the food inflation has also declined during the last one year.
The minister was flanked by Minister of state for Information Farrukh Habib and Special Assistant to Prime Minister on National Food Security and Research Jamshed Iqbal Cheema.
He said the food inflation went down during previous couple of months as the urban and rural food inflation in July was 15% and 17% which had decreased to 9.1% and 10% respectively.
He said that the Covid-19 had badly affected production of commodities and supply chain that has resulted in inflation across the world, however added that the government had balanced and resultantly it did not climbed to that extent as was witnessed in the world.
He said that overall prices of essential food commodities increased in the world as the prices of sugar went up from $240 per ton in 2018 to $430 per ton, showing growth of 80%. Likewise, prices of palm oil went up from $760 per metric ton to $1136, showing growth of 58% while in Pakistan the prices of cooking oil increased by 33% only.
He said that the prices did not increased in Pakistan to the extent witnessed in the rest of the world, adding that the prices of various commodities were still low compared to other countries.
He said that despite hike in petrol, diesel and other petroleum products, the prices were still low compared to regional countries. He said that the government passed on Petroleum Development Levy to provide relief to masses.
He said that the government had decided to reduce prices of edible oil, sugar and wheat to facilitate people.
He said the government had decided to provide tax relief in edible oil to bring the prices of cooking oil and ghee by Rs40 to Rs50 per kg.
"After providing tax relief we will ensure the price reduction in cooking oil and ghee by Rs 40 to Rs 50 per kg," he said.
Likewise, the sugar would be available at Rs89.75 per kg whereas per kilogram flour would be available at Rs55.
He said that the government would also provide cash subsidy to poorest of the poor to buy essential food items including sugar, flour, pulses and ghee.
In addition, he added, the government would make scientific engineering process to analyze profits in the supply chain and squeeze role of middleman administratively.
The government was also building strategic reserves of pulses and onions to help streamline prices.
In medium and long term, the government would build commodity warehouses, cold-storages so that farmers and purchasers are linked directly without involving middleman.
He said that CCP has also been directed to take measures against the cartelization of Ghee manufacturers.
He said that government was working on initiatives to enhance income and affordability of people adding that for bringing up the lower segments of people, Kamyab Pakistan programme would be launched by the end of this month.
To a question, he said that Pakistan was still in IMF programme and during the upcoming meeting with the fund, Pakistan would negotiate in accordance with its existing stance.
He said that country's revenues are increasing whereas there had also been improvements in power sector which would be helpful in negotiating with IMF.
Speaking on the occasion, Special Assistant to Prime Minister on National Food Security and Research Jamshed Iqbal Cheema said that average prices of petrol in the world was Rs201 and diesel Rs280 across the world and these products are sold at Rs124 and Rs121 per liter in Pakistan.
Elaborating local sales of petrol in different regimes in Pakistan, he said that it was sold at 88cent during 5 years of Pakistan Peoples Party, at 79 cent during Pakistan Muslim league's 5 years and was sold at an average of 67 cent during the past three years of the current government.
Related Topics
Recent Stories
Mired in crisis, Boeing reports another loss
Session Awarding Ceremony 2024 held at Cadet College Muzaffarabad
Austrian ski great Hirscher to make comeback under Dutch flag
Pakistan, Japan agrees to convene 'Economic Policy Dialogue'
FM Dar conveys deepest sympathy on torrential rains devastation in UAE
Spain PM Sanchez says weighing resignation after wife's graft probe
Tennis: ATP/WTA Madrid Open results - 1st update
Long-lost Klimt portrait auctioned off for 30 mn euros
Osaka seals first win on clay since 2022 in Madrid
Earthquake jolts Karachi
Sindh minister orders operation after attack on police in Ghotki
TikTok to fight US ban law in courts
More Stories From Business
-
Meta profits soar but costs of AI cause worry
29 minutes ago -
Mired in crisis, Boeing reports another loss
9 hours ago -
Pakistan, Japan agrees to convene 'Economic Policy Dialogue'
9 hours ago -
British-Pakistani firm unveils $35 million luxury apartments for overseas Pakistanis in Islamabad
9 hours ago -
European stocks lose momentum after global rally
10 hours ago -
New pulses varieties imperative to cater domestic food requirements: Dr Khalid Hasan
11 hours ago
-
CEO KP-EZDMC meets CRBC officials
11 hours ago -
Pakistan among nine poor countries that produces 90 percent cigarettes for world
11 hours ago -
Chief Minister Gilgit Baltistan Haji Gulbar Khan calls on Minister for Privatisation
12 hours ago -
Germany nudges up growth forecast, ailing economy at 'turning point'
12 hours ago -
Revised UAF budget recommended
12 hours ago -
IDEA, TEVTA organizes Job Fair for youth
12 hours ago