Former finance minister Miftah Ismail on Sunday warned that inflation in Pakistan is likely to remain elevated beyond May and blamed the federal government for causing it.
In a statement posted on social media, Miftah said the rising prices are not solely the result of international oil market fluctuations but also stem from policy errors and fiscal mismanagement by the government.
The former minister said Pakistan’s inflation rate climbed to 11 percent year-on-year in April after sever hike across various sectors.
He highlighted significant price pressures across key sectors:
- Transport costs surged by nearly 30 percent year-on-year
- Housing, water, electricity, and gas charges rose by 17 percent
- Perishable food items became 10 percent more expensive annually, while jumping 15 percent within a single month
Ismail described the rapid increase in food prices as an “ominous trend,” which implied inflationary pressure to persist beyond May.
He further noted that the Sensitive Price Index (SPI) rose by 13 percent year-on-year, while the Wholesale Price Index (WPI) increased 14 percent annually and 5 percent in just one month. Higher costs are still moving through the supply chain and will likely push consumer inflation higher.
Miftah cautioned that inflation could persist into May and beyond unless corrective fiscal measures are taken.
He urged the government to reduce its own expenditures since citizens are already being forced to cut consumption due to rising living costs.
Alot of things wrong by him. Funny how he’s actively avoiding how oppositions were jailed , the govt in charge is the same he helped get into power, and the fact that he is avoiding the real people , the Lumber 1