ANL 14.75 Increased By ▲ 0.18 (1.24%)
ASC 14.00 Increased By ▲ 0.45 (3.32%)
ASL 15.10 Increased By ▲ 0.50 (3.42%)
BOP 8.60 Increased By ▲ 0.18 (2.14%)
BYCO 6.69 Increased By ▲ 0.19 (2.92%)
FCCL 18.80 Increased By ▲ 0.70 (3.87%)
FFBL 26.50 Increased By ▲ 0.20 (0.76%)
FFL 11.19 Increased By ▲ 0.04 (0.36%)
FNEL 10.89 Decreased By ▼ -0.01 (-0.09%)
GGGL 15.70 Increased By ▲ 0.45 (2.95%)
GGL 32.11 Increased By ▲ 0.31 (0.97%)
HUMNL 6.35 Increased By ▲ 0.14 (2.25%)
JSCL 17.26 Decreased By ▼ -0.03 (-0.17%)
KAPCO 33.25 Increased By ▲ 1.85 (5.89%)
KEL 3.23 Increased By ▲ 0.02 (0.62%)
MDTL 2.27 Increased By ▲ 0.07 (3.18%)
MLCF 36.45 Increased By ▲ 2.34 (6.86%)
NETSOL 102.16 Increased By ▲ 3.66 (3.72%)
PACE 4.40 Increased By ▲ 0.14 (3.29%)
PAEL 23.55 Increased By ▲ 0.40 (1.73%)
PIBTL 7.70 Increased By ▲ 0.10 (1.32%)
POWER 6.76 Increased By ▲ 0.11 (1.65%)
PRL 13.93 Increased By ▲ 0.23 (1.68%)
PTC 9.07 Increased By ▲ 0.20 (2.25%)
SILK 1.35 No Change ▼ 0.00 (0%)
SNGP 41.80 Increased By ▲ 1.09 (2.68%)
TELE 16.93 Increased By ▲ 0.50 (3.04%)
TRG 90.51 Increased By ▲ 3.66 (4.21%)
UNITY 25.30 Increased By ▲ 0.10 (0.4%)
WTL 2.15 Increased By ▲ 0.01 (0.47%)
BR100 4,665 Increased By ▲ 4.73 (0.1%)
BR30 18,674 Decreased By ▼ -129.79 (-0.69%)
KSE100 45,072 Decreased By ▼ -257.67 (-0.57%)
KSE30 17,430 Decreased By ▼ -120.87 (-0.69%)

Coronavirus
LOW Source: covid.gov.pk
Pakistan Deaths
28,728
1024hr
Pakistan Cases
1,284,840
47524hr
1.12% positivity
Sindh
475,616
Punjab
443,094
Balochistan
33,479
Islamabad
107,689
KPK
179,995
Pakistan

Asad Umar says inflation expected to remain high till at least March

  • Planning minister says programme has been prepared to extend targeted subsidy on essential commodities, which would mitigate some of the impact of higher prices
Updated 18 Oct 2021
Asad Umar says inflation expected to remain high till at least March

Ruling out an immediate relief, Minister for Planning, Development, and Special Initiatives Asad Umar said on Monday that it could take at least five months for the increase in global commodity prices to head towards normalcy.

Addressing a news conference, the minister said that inflation was not expected to subside before March 2022, saying that experts have also predicted that the reduction in prices can even take as long as June.

Umar said that the coronavirus pandemic caused an unusual disruption to the global economy, after which the world has found it difficult to cope with the demand-hike as well as supply-chain disruptions.

He pointed out that while the world is going through an extraordinary situation in terms of commodity prices, the rates of basic commodities are still lower in Pakistan.

However, Umar said due to soaring inflation in recent months, the purchasing power of people have been affected in Pakistan.

Govt increases petrol price by Rs10.49 per litre

The minister shared that a programme has been prepared to extend targeted subsidy on essential commodities to the marginalised segments of the society.

"Prime Minister Imran Khan will share details of this program in the next few days whilst benefit of this program will start reaching the people by the end of next month," the minister said.

Umar further shared that the government has decided in principle to reduce the edible oil price by Rs45 to Rs50 per kilogramme, adding that this will be achieved by reducing taxes on edible oil.

Sales tax on edible oil will be cut from 17% to 8.50%, customs duty per ton to be halved and additional customs duty will be abolished, Umar added.

The government has come under heavy criticism in recent weeks as the pace of inflation increases in Pakistan, affecting people's purchasing power and their real incomes. The situation comes in tandem with the fall of the rupee that on Monday hit its weakest level of 172.8 against the US dollar in the inter-bank market.

While the central bank has implemented various measures, the rupee has shown no signs of stabilising in the last five months, having shed nearly 12% of its value against the greenback.

Over the weekend, Pakistan, a net importer of oil, also saw an increase of over 8% in its fuel prices, aggravating the inflation situation in the country where poverty levels remain on the higher side.

We love hearing your feedback, please help us improve by answering these few survey questions

Comments

Comments are closed.