Food inflation down from48pc to 2pc: Musadik

ISLAMABAD: Federal Minister for Petroleum Dr Musadik Malik on Tuesday announced that the government’s economic policies were yielding positive results under the leadership of Prime Minister Shehbaz Sharif.

During a press conference, he highlighted a significant reduction in food inflation from 48 percent to 2 percent, with ongoing efforts to further control price hikes and provide relief to the public.

Dr Malik reported that overall inflation in the country has decreased from 38 percent to 12 percent due to the government’s interventions. The inflation, he said, was gradually falling and that economic indicators suggest the country was moving towards stability.

Addressing key priorities, the minister noted the government was focused on alleviating poverty, reducing inflation and creating job opportunities for the youth.

Despite facing economic challenges, the government has allocated Rs600 billion in the current federal budget to uplift the poor. This budget includes funds for the construction of dams, roads, and motorways, which were expected to generate job opportunities. Additionally, development projects were being prioritised in underdeveloped areas to benefit local communities.

Dr Malik also mentioned that Rs50 billion has been allocated to protect 86 percent of electricity consumers over the next three months.