Pakistan’s average monthly inflation declined to 5.7 percent in January 2021, as compared to 8 per cent in the previous month, Pakistan Bureau of Statistics (PBS) reports on Monday.
The decline in Inflation is attributed to decline in the prices of pulses, vegetables, eggs, chicken and spices. Prime Minister Imran Khan tweeted:
Our efforts to reduce inflation are now showing results. Consumer price index and core inflation are both now lower than when our government was formed.
Planning Minister Asad Umar also tweeted that inflation during January was down to 5.7pc, while core inflation was at 5.4pc, both lower than when the PTI government took over.
In may be noted that due to shortages in domestic production, inflation at the beginning of the current fiscal year stood at 9.3 percent in July-2020, declining to 8.2percent in August-2020 before rising again to 9 percent in September-2020. Since September, inflation has remained on declining path.
The average CPI in the seven months of fiscal year from July-2020 and January-2021 declined to 8.19 percent. It is expected that food items prices will see a further decline in the coming months.
In order to keep a check on essential food commodities, The government imported wheat and sugar to decrease production shortfalls and improve supply in the market.
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