Govt committed to contain annual inflation rate under 12pc

Wednesday, 02 May 2012 19:10

Posted by Asad Naeem

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ISLAMABAD: The government has reiterated its resolve to contain the annual inflation rate for the year 2011-12 within the budgetary target of 12 per cent.

"The government is committed to achieve the budgetary target of keeping annual inflation rate under 12 per cent", Sohail Ahmad, Secretary Pakistan Bureau of Statistics (PBS) said in a press briefing here on Wednesday.

He said that the inflation rate for first 10 months of current financial year remained 10.84 per cent and by the end of year 2011-12, the inflation rate would not be more than 12 per cent.

Giving details about the monthly Consumer Price Index (CPI), Director General of PBS Arif Cheema said that the CPI during the month of April 2012 has registered an increase of 1.83 per cent as compared to previous month of the current financial year.

The inflation rate for April 2012 over same month of last year witnessed an increase of 11.27 per cent as compared to the corresponding month of last year.

Briefing the media about the price behavior of the essential commodities during the period under review, Arif Cheema further said that average inflation rate in last months (July to April) 2011-12 was recorded at 10.84 per cent.

He further said that PBS collected the retail and wholesale price and computed the CPI on monthly basis and Sensitive Price Index (SPI) on weekly basis.

In April this year, the CPI, SPI and Wholesale Price Index (WPI) increased by 1.17 percent, 1.49 percent and 0.67 percent, respectively over the month of March 2012.

The trimmed core inflation for the month under review over April 2011 had been observed as 11 per cent while it was 12 per cent during April 2011 over April 2010.

The non-food and non-energy core inflation rate during previous month over the same month of last year was recorded as 10.8 per cent.

The items, which witnessed decrease in their prices during the month of April this year include onions, eggs, pulse mash (washed), spices, pulse masoor and pulse moong.

The items, which recorded increase in their prices included tomatoes, potatoes, chicken, fresh fruits, gram flour, fresh vegetables, cooking oil, milk powder, tea and beverages, motor fuel, firewood whole, transport services, ready-made garment and washing soap.