Inflation likely to ease off in next four months: Senate told

January 07, 2022: Minister of State for Parliamentary Affairs Ali Muhammad Khan on Friday apprised the Senate that currently 1HFY22 average inflation stands at 9.8 per cent YoY in the country adding that in next three to four months it would be further decreased, as per reported by APP.

Replying to various questions during Question Hour, the minister said the government was making all out efforts to keep the inflation minimum. Giving comparison with Iran and Turkey, he said that inflation in Iran stood at 35.7 per cent and in Turkey it was 21.1 per cent.

He said the farmers got highest rates and their revenue jumped to Rs1100 billion for the first time in history of Pakistan. Tractors and motorbike sales also registered sharp increased, he added.

The minister said that the sugar mills industry has been directed to start crushing season in time in order to provide maximum benefits to the farmers.

Regarding rupee’s depreciation, Ali Muhammad Khan said the rupee witnessed around 40 per cent depreciation in last three years while it was depreciated around 100 per cent during past tenures of PML-N and PPP.

He said the government did not borrow single penny from State Bank of Pakistan. Due to various international factors, rupee was depreciated, he added.

He said the PML-N government artificially kept rupee stable through borrowing dollars from SBP.

The minister said the government was importing wheat and sugar to ensure their smooth supply at reasonable prices. He said the government was also working on maintaining strategic reserves of wheat, sugar, ghee, and pulses.

He said it has been decided to release wheat at the rate of Rs1950 per 40 kilograms to ease out its price and ensure smooth supply in the market and flour mills would provide a 20 kg bag for 1,100 rupees.

He said all provincial governments were releasing wheat at the government-determined price.

He said sugar price has been set at Rs90 per kilogram. Besides, cash subsidies were also being provided to the poor people on essential food items.

APP