Islamabad: Pakistan’s Consumer Price Index (CPI) registered a drop to its lowest value of 8.50% in nine months in April, a news source reported. The Pakistan Bureau of Statistics has stated that this reading is 1.70% lower than the one recorded in March (which stood at 10.50%).
According to details, the CPI had lowered due to the overall slowdown in economy in the wake of the COVID-19 pandemic. The PBS added that while prices fruits, meat, pulses, sugar, and medicines increased, those of vegetables, wheat, tomatoes, milk, and petroleum products fell.
On the other hand, Minister for Planning & Development Asad Umar said that April was the third consecutive month for decrease in consumer inflation. He expects the trend to continue since the petroleum prices decreased on May 1.
Meanwhile, the International Monetary Fund (IMF) predicts Pakistan’s CPI to rise to 11.1% during the going year and decrease to 8% in 2021. The Asian Development Bank (ADB) anticipated the CPI to rise to 11.5% this year and fall to 8.3% next year when food prices stabilise.
