Finance Minister hints at ‘extraordinary’ drop in flour prices in next few days
Federal Finance Minister Shaukat Tarin has claimed that the price of flour across the country will depreciate in a few days adding that the economy is stabilizing and the pace of inflation has slowed down.
During a press conference in Islamabad, Federal Minister for Finance Shaukat Tarin said the government’s main focus is to increase the income of the people.
The Finance Minister said that the release price of wheat has been reduced to Rs. 1950 per quintal, which will reduce the price of flour. From this month, a cash subsidy will be given for flour, sugar and pulses.
He said that the increase in the prices of daily necessities was due to the outbreak of Coronavirus, the transmission system was affected due to the pandemic, the prices of commodities have gone up all over the world in the last few years.
The Finance Minister said that in the past no attention was paid to the agriculture sector, which also affected the farmers, who are also exporting onions, potatoes and tomatoes themselves.
“We are tied to international prices, we have to look at how much profit retailers have from the vegetables they grow, and of course the profits are huge,” he added.
The finance minister said that the farmer does not get as much profit as the retailer earns, adding that “scientific processes are being re-engineered” to make the process transparent.
Shaukat Tarin said that the price of crude oil has increased by 58% globally, the price of crude oil in Pakistan has increased by 9%.
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