Khudayar Mohla –
Much awaited rebasing of the Consumer Price Index (CPI) has been approved from FY 2007-08 to FY 2015-16 after which the Pakistan Bureau of Statistics (PBS) will compile Urban Consumer Price Index (UCPI), Rural Consumer Price Index (RCPI) and National Consumer Price Index (NCPI) on monthly basis.
Previously, PBS only compiled Urban Consumer Price Index to determine inflation in the country on monthly basis.
While chairing 17th meeting of the Governing Council of Pakistan Bureau of Statistics, Federal Minister for Planning, Development & Reform Makhdum Khusro Bakhtyar approved proposal of rebasing the CPI from FY 2007-8 to FY2015-16.
It is pertinent to mention that rebasing was long overdue whereas the exercise was completed during December 2017 after which Technical Committee has cleared it for presentation in the Council.
Speaking on the occasion, the Minister for Planning emphasized the need for authentic data collection for better policy and decision making, adding that the Pakistan Bureau of Statistics (PBS) should devise a mechanism to deliver more reliable official figures relating to economy, population, agriculture, trade and other areas.
Makhdum Khusro also stressed the need to ascertain the real impact of gas and electricity price increases as well as prices of essential food items on consumers falling in different categories.
During the meeting, the minister was apprised that poor consumers falling in the lowest slab have not been affected much by increase in prices of gas and electricity due to protective cover given by the Government.
The meeting was apprised that 5th meeting of the Governing Council of PBS had decided to rebase the National Accounts Committee and Price Statistics after every 10 years.
Subsequently, a technical committee under the chairmanship of ex-vice chancellor, PIDE, Dr. Asad Zaman, was constituted which recommended changing the base. It is pertinent to mention here that new base will be published after the approval by ECC.
Secretary Planning Zafar Hasan, members Governing Council and senior officials of the ministry were also present in the meeting. Various other agenda items also came under discussion during the meeting.
Regarding the appointment of Chief Statistician, the Minister directed to expedite the process for smooth functioning of PBS. It was also decided that PBS will conduct Pakistan Demographic Survey (PDS) periodically and try to resolve the issue in consultation with NADRA and local governments. PDS is critical for capturing changing demographic patterns in the country.
The Law Today Pakistan, commonly known as TLTP, is the largest news wire service, headquartered in Islamabad. The service is providing fast, comprehensive and verified news on superior courts adjudications, regulatory framework of fiscal, monitory and external sectors, economic regulatory bodies amid apex institutions regulating the financial system. TLTP is empowering readers of more than 12 national English dailies in the country.