Inflation is on the decline due to govt’s economic policy: Asad Umar

ISLAMABAD: Federal Minister for Planning and Development Asad Umar has claimed that inflation is on the decline due to the “success” of Prime Minister Imran Khan’s economic policy.

On his official Twitter handle, the minister wrote, “Jan inflation (CPI) is down to 5.7%. Core inflation is at 5.4%.” Consumer Price Index (CPI) inflation was 5.8 percent and core inflation 7.6pc before the PTI assumed power in 2018, he added.

“The rate of inflation is LOWER today than when the PTI govt was formed,” Asad Umar said, using the “#PMIKECONPOLICYSUCCESS” hashtag.

Inflation continues to decline. Jan inflation (CPI) is down to 5.7%. Core inflation is at 5.4%. Last month (jul 2018) prior to PTI govt formation, CPI was 5.8% & core was 7.6%. The rate of inflation is LOWER today then when the PTI govt was formed. #PMIKECONPOLICYSUCCESS

— Asad Umar (@Asad_Umar) January 31, 2021

On the other hand, the Sensitive Price Indicator (SPI)-based weekly inflation for the combined income group increased 0.52 percent during the week ended on Jan 28, 2021, on the back of an uptick in prices of essential food items.

According to data released by the Pakistan Bureau of Statistics (PBS) showed on Friday, the weekly SPI with base year 2015-16=100 covers 17 urban centers and 51 essential items for all expenditure groups.

Out of the 51 monitored items, the average price of 18 items increased, nine items decreased whereas 24 items registered no change during the week.

The SPI augment is mostly attributable to a rise in prices of food items i.e. chicken (14.81pc), chili powder (9.40pc), cooking oil (4.11pc), vegetable ghee (3.83pc), and mustard oil (1.38pc).

Among non-food items, washing soap (2.15pc) with the joint impact of (1.07pc) into the overall SPI for the combined group of (0.52pc). On the other hand, a decrease was observed in the prices of tomatoes (29.82pc), eggs (8.20pc), potatoes (3.37pc), onions (2.28pc), LPG (1.73pc), sugar (1.54pc), pulse moong (0.68pc), bananas (0.32pc) and wheat flour (0.07pc).