PM credits economic team’s ‘multi-pronged strategy’ for bringing down prices
ISLAMABAD:Prime Minister Imran Khan on Saturday congratulated the government’s economic team for reducing sugar prices in the country through a “multi-pronged strategy”.
In a tweet on Saturday, the premier said, “sugar is selling at a national average of Rs 81 per kg vs Rs102 per kg a month back”.
MashaAllah Sugar is selling at a national average of Rs 81 per kg vs Rs102 per kg a month back. I want to congratulate my team for bringing the sugar prices down through a multi pronged strategy.— Imran Khan (@ImranKhanPTI) December 12, 2020
Despite Prime Minister Imran Khan’s interest in controlling prices of wheat, wheat flour and sugar, the rates have remained high this year.
However, in the case of wheat and wheat flour, the Pakistan Bureau of Statistics (PBS) reported a reduction in prices on a monthly basis but the rates remained higher on a yearly basis. The federal government’s decision to import and export wheat and sugar has a direct bearing on prices in the domestic market.
The PBS reported that wheat prices increased 36.6% in November over the same month a year ago in urban areas and 37.9% in rural areas. Prices of wheat flour rose 19.6% in in rural areas.
Sugar prices increased 35.8% in November in cities and 42.5% in villages over a year ago, according to the national data collecting agency.
Average inflation rate in the first five months of the current fiscal year (July-November) stood at 8.8%, according to the PBS. The average rate of inflation in urban areas was 7.4% and in rural areas it was 10.9%, according to the PBS.