ANL 31.50 Decreased By ▼ -0.29 (-0.91%)
ASC 18.90 Decreased By ▼ -0.83 (-4.21%)
ASL 26.27 Decreased By ▼ -0.13 (-0.49%)
AVN 91.95 Decreased By ▼ -0.05 (-0.05%)
BOP 8.30 Decreased By ▼ -0.06 (-0.72%)
BYCO 12.85 Increased By ▲ 0.06 (0.47%)
DGKC 127.20 Increased By ▲ 0.10 (0.08%)
EPCL 47.90 Decreased By ▼ -0.86 (-1.76%)
FCCL 24.18 Increased By ▲ 0.12 (0.5%)
FFBL 26.55 Increased By ▲ 0.25 (0.95%)
FFL 17.80 No Change ▼ 0.00 (0%)
HASCOL 11.32 Decreased By ▼ -1.01 (-8.19%)
HUBC 80.25 Decreased By ▼ -0.75 (-0.93%)
HUMNL 9.12 Increased By ▲ 0.36 (4.11%)
JSCL 23.40 Decreased By ▼ -0.93 (-3.82%)
KAPCO 43.07 Decreased By ▼ -0.18 (-0.42%)
KEL 4.30 Decreased By ▼ -0.21 (-4.66%)
LOTCHEM 15.99 Increased By ▲ 0.19 (1.2%)
MLCF 48.75 Increased By ▲ 0.10 (0.21%)
PAEL 35.40 Decreased By ▼ -0.40 (-1.12%)
PIBTL 11.96 Increased By ▲ 0.75 (6.69%)
POWER 10.20 Decreased By ▼ -0.16 (-1.54%)
PPL 90.49 Decreased By ▼ -0.66 (-0.72%)
PRL 26.15 Increased By ▲ 0.50 (1.95%)
PTC 13.00 Decreased By ▼ -0.01 (-0.08%)
SILK 1.84 Increased By ▲ 0.18 (10.84%)
SNGP 47.58 Decreased By ▼ -0.77 (-1.59%)
TRG 164.60 Decreased By ▼ -0.90 (-0.54%)
UNITY 44.75 Decreased By ▼ -2.35 (-4.99%)
WTL 4.14 Increased By ▲ 0.22 (5.61%)
BR100 5,278 Decreased By ▼ -22.7 (-0.43%)
BR30 27,522 Decreased By ▼ -167.85 (-0.61%)
KSE100 48,239 Decreased By ▼ -195.99 (-0.4%)
KSE30 19,426 Decreased By ▼ -94.82 (-0.49%)
Business & Finance

Rising food, POL rate in intl markets escalating Pakistan's inflation rate, says expert

  • “If you look at the petroleum products in December receiving oil at $40 per barrel which now stands at $70 per barrel,” he said. The rise in rates of food and petroleum production ports in the international market have affected the domestic market, said Suleri.
16 Mar 2021

Rising prices of food and petroleum products in the international market has escalated the inflation rate in Pakistan, said Executive Director SPDI Abid Qaiyum Suleri.

Talking to a private channel, on the rising inflation rate SPDI economist said that apart from administrative issues two major developments have accelerated the problem.

“Pakistan is moving towards becoming a food importing country with items such as wheat sugar and pulses and oil are being imported. If you look at the international markets the rates of such commodities for example the soybean oil price has increased by 70 percent from October to December 2020, whereas, the rates of pulses have increased by 32pc in international markets,” he said.

“If you look at the petroleum products in December receiving oil at $40 per barrel which now stands at $70 per barrel,” he said. The rise in rates of food and petroleum production ports in the international market have affected the domestic market, said Suleri.

Last week, the state-run Trading Corporation of Pakistan (TCP) has issued two new international tenders to purchase and import 300,000 tonnes of wheat and 50,000 tonnes of white sugar to meet local shortfall.

Suleri further said that the purchasing power of people have diminished significantly due to the coronavirus pandemic, which has increase the intensity of rise in inflation rate. “All multilateral organisations including United Nations agreed that due to COVID-19 pandemic the purchasing power has diminished globally, similar is the case in Pakistan,” he said.

Suleri who also serves as the member of Prime Minister’s Economic Advisory Council pointed that out that in order to address the drop in agricultural output there is a need to overhaul the agriculture system.

“Coronavirus pandemic has shown us that being a service oriented economy is not feasible and we need to strengthen our agricultural sector otherwise Pakistan will not be able to survive if it continues to import food commodities,” he said.

Suleri further said that the government should focus on targeted subsidy to poor masses and improve its governance system.