New Delhi (Sputnik): As per Pakistani government records, inflation rates reached a 12-year high of 14.6 percent in January. Prices of flour, which constitutes around 70 percent of calorie intake for an average Pakistani, and sugar have created major stress among the populace.
Facing severe protests and criticism about not being able to control food prices, Pakistani Prime Minister Imran Khan reassured people on Sunday saying that agencies had launched in-depth probes into flour and sugar price hikes. Khan promised that those deemed responsible for any improper practices would be held accountable.
The Imran Khan government, which completed 15 months in January after a landslide victory in 2018, has asked government agencies to find the reasons behind the rising costs for these essential commodities.
“The nation should rest assured that all those responsible will be held accountable and penalised”.
Food price inflation went beyond 16 percent in December 2019 in comparison to 1.5 percent in January 2019. Flour (staple food item) prices increased by 15 percent in January 2020, which forced Imran Khan’s Cabinet to take several decisions including imports of the commodity last month.
The International Monetary Fund has estimated that the country’s inflation may rise as high as 13 percent, while the Asian Development Bank has put the figure at around 12 percent.
On 20 January, Khan’s administration approved the import of 300,000 tonnes of wheat to end the prevailing wheat crisis, while on 7 February, during a high level review meeting, the government gave the green light to import 300,000 tonnes of sugar through the private sector.
Analysts and opposition parties have been blaming dodgy estimations about agriculture produce and the failure to act against hoarders as being behind the rising inflation in the country. On 7 February, opposition Pakistan Muslim League-Nawaz PML (N) announced a countrywide awareness programme to “expose” faulty economic policies of the current government.
A strike by transporters in Pakistan’s Karachi and a ban by the Punjab government on inter-provincial movement are also cited as reasons behind flour shortages in several regions of Pakistan.
Sourse: sputniknews.com
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