Islamabad: Federal Minister for Planning and development Asad Umar on Monday termed inflation as a ‘global issue’ and said that prices of basic commodities were hiked across the world.

Addressing a presser in Islamabad, Asad Umar said that world economy was facing a decline due to Covid-19 pandemic. “US economy saw a decline of 10 percent” he exemplified his stance, adding that India’s economy was also facing a backlash.

Federal minister said that government had already relieved masses economically ‘as much as it could’.

Talking about Pakistan’s strategy to combat Covid-19, Asad Umar said that Pakistan had implemented smart-lockdown to avoid economic turmoil while the whole world was shut down.

Asad Umar said that Punjab and Sindh were producing additional wheat. “Wheat prices were hiked from 1400-1800 rupees per kg” he said, adding that increase in wheat prices had caused inflation.

Minister was of the view that prices of crude oil were hyped by 81.55 percent globally which caused massive scaled global inflation.

In an attempt to justify government’s decision of increase in prices of petroleum goods, Asad Umar said that petrol prices were increased by a 17 percent while LNG prices reached up to an increment of 135 percent, “But they aren’t for household users” the minister gave ‘good news’.