SPI declines for second consecutive week, says PM

Statesman Report

ISLAMABAD: Prime Minister Imran Khan said on Saturday that the country's Sensitive Price Index has shown a decline for the second consecutive week compared to other countries in the subcontinent.

“Our Sensitive Price Index shows a decline for second consecutive week, in contrast to the situation in other parts of the subcontinent,” tweeted PM Imran along with a Reuters story regarding inflation in India.

The premier vowed that his government will work to bring inflation “further under control”.

High food prices hurting India's poor, pain to persist

The Reuters story shared by PM Imran reported that India’s retail inflation may stay elevated for at least three more months after hitting a six-year high in October, as excess rain has damaged standing crops and seedlings, while edible oils that the country imports have become expensive.

The high prices are a particular cause of concern for India’s hundreds of millions of poor people, who have already been squeezed by the coronavirus pandemic and its impact on an economy that contracted a record 23.9% in April-June.

Food items such as onions, potatoes, eggs, meat and tomatoes have a nearly 46% weight in India’s retail inflation basket. Food inflation shot up to 11.07% in October, the highest in nine months according to data released on Thursday, sending overall retail inflation surging to 7.61%. h","url":"http://www.google.com/earth/explore/products/plugin.html","ver