Imran vows to rein in inflation citing ‘SPI decline’

By News Des

ISLAMABAD: Prime Minister Imran Khan on Saturday vowed to bring inflation “further under control” citing the decline of the sensitive price index (SPI) for two weeks in a row.

On Twitter, the Prime Minister said the situation in Pakistan was much better than other countries in the Subcontinent. “Our Sensitive Price Index shows a decline for 2nd consecutive week, in contrast to the situation in other parts of the subcontinent. InshaAllah, we will bring inflation further under control,” the Prime Minister commented on a media report showing constant high food prices in India.

According to the report, India’s retail inflation might stay high for at least three more months after it hit a six-year high in October, as excess rain damaged standing crops and seedlings, while edible oils — the country imports — have become expensive.

In a press conference hours after Premier’s pledge, information minister Shibli Faraz said the country was “on the right path and good news is coming and more good news will appear in near future”.

The minister said even during the Covid-19 pandemic “our economic situation showed significant improvement”.

He said petroleum prices were being decreased, adding that industries and the currency was showing improvement as well. He said inflation was also on the decline and prices of various commodities would be further decreased.