Tuesday, April 23, 2024

Inflation rate of Pakistan reduced to 5.65% in January

The inflation rate has recently eased as to 5.65% in January, 2021 from 8% of the previous month as per Pakistan Bureau of Statistics (PBS).

It has been said that the Urban CPI has recorded a decrease of about 0.16% whereas the Rural CPI has also recorded a drop of about 0.29%. So, the average inflation rate from the months of July to January from 2020 to 2021 it was recorded as 8.19% and the food inflation at 13.79% over this period.

According to the bureau, a decrease is observed in the prices of pulses, vegetables, spices, eggs as well as the meat of chicken that helped to bring down the CPI- consumer price index.

The efforts by the government to reduce the inflation are showing results now. Prime Minister Imran Khan has tweeted that on Sunday. The Consumer price index and the core inflation both are now lower than the time when our government was initially formed.

Asad Umar, the Planning Minister said on Twitter that the inflation during the month of January was down up to 5.7%, while the core inflation was at 5.4%, both are lower than the time when the PTI government just took over.

Moreover, IMF has also forecasted that the economy is to grow by 1.5% of this year as against the target of the government that is 2.3% in fiscal year of 2020-21.

The opposition also blames the mismanagement by the government like the mismanagement regarding the economy for having the GDP down as low as to 0.4% from 5.8% during the time of PML-N government when the inflation was as high as to 14% from the below 4%.

Mehjabeen Qasim
Mehjabeen Qasimhttps://startuppakistan.com.pk/
Business Journalist at Startup Pakistan

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