Hike in food items prices is global trend, says Shaukat Tarin

ISLAMABAD: A mis-perception is being created in general public about the price hike, Finance Adviser Shaukat Tarin said here on Sunday.

“The world is witnessing hike in prices for last four months,” Finance Adviser to PM said in his statement. Food items have registered 3.9 percent hike in prices in September and October in the world, the adviser said.

The price of edible oil has increased by 9.6 pct, while the dairy products prices have enhanced 3.9 pct, the adviser said.

The world is facing difficulties as whole due to the coronavirus pandemic, Tarin said adding that an impression of price hike only in Pakistan is as mis-perception.

He said that all indicators of the economy are positive and it is growing rapidly. “The exports have increased by 17.5 pct in October. We will attain a target of 30 billion dollars exports this year for the first time in the national history,” he added.

“Textile exports have registered record hike with six billion dollars exports from July to Oct,” Tarin said.

“Tax revenue has also increased by 37 pct and 151 billion dollars collected as income tax in last four months,” he said.

“The economy will further improve in upcoming days,” he added.

The United Nations Food Price Index, which tracks the international prices of food  commodities, has pointed out 3.9 per cent hike in prices from September, rising for a third consecutive month.

Cereal prices overall increased by 3.2 per cent, with wheat rising five per cent, due to reduced harvests in major exporting nations, including Canada, Russia and the United States. Prices of all other major cereals also increased.