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Express Tribune
15-07-2025
- Business
- Express Tribune
AI-powered inflation control falls under scrutiny
Listen to article During the past year or so, Artificial Intelligence (AI) has simplified tasks which earlier would take hours or even days to reach completion. From devising the perfect essay prompt to selecting the classiest home décor, a wide range of tasks requiring considerable human brain power have become fairly easy. However, despite its convenience, what AI should not be trusted with is the gatekeeping of inflation, which has a reputation of crippling millions across the country. Reportedly, the Punjab government's Price Control and Commodities Management Department has decided to control inflation through the use of Artificial Intelligence. With 40 years of data, this system will work under the Supply Management System, under which district-wise data on monthly and annual food requirements, local production of vegetables, fruits, and wheat and wholesale and retail prices will be fed into the software. With the help of this data, AI will apparently generate estimates through various graphics to determine which food items may be in short supply in each district during the next three months and what steps should be taken to address the shortage. While this system might appear fancy to laymen, Professor Mumtaz Anwar Chaudhry, Dean at the Faculty of Business Economics and Administrative Sciences, University of Punjab shared his concerns over the feasibility of using AI for controlling inflation. 'Although the numbers of the Bureau of Statistics fluctuate, the inflation rate has invariably increased during the past twenty years. However, the government understates this increase in proportion to the population. Therefore, before controlling inflation through AI, the government should employ the technology for investigating the root causes of inflation,' claimed Chaudhry. According to the Bureau of Statistics (BOS), the overall inflation rate in the fiscal year 2020-21 was recorded at 8.90 per cent. In the fiscal year 2021-22, the inflation rate was recorded at 12.09 per cent, which sharply increased to 29.04 per cent in the fiscal year 2022-23. During the following financial year 2023-24, the inflation rate reduced to 23.88 per cent. As per the claims of BOS, the inflation rate has started to drop for the current fiscal year 2024-25. In July 2024 alone, double digit inflation of 11.09 was recorded for one month before dropping to 1.52 per cent till February. Just recently, Prime Minister Shehbaz Sharif made headlines when he applauded the efforts of his government in bringing down the inflation rate to a record low of 0.7 per cent. However, Chaudhry opined that the increase in the rate of inflation could not be stopped by focusing on numbers alone since they kept varying on a monthly basis. 'The government will have to divert its attention from statistics and work at the grassroots level to address the root causes of inflation,' he implored. On the other hand, Former Secretary of the Price Control and Commodities Management Department, Ajmal Bhatti, believed that AI has revolutionized the world. 'Therefore, a commodity price management system, powered by AI, has been created. We will receive a notification of the rate that will be fixed in any market. This has also helped us carry out a comparative review of the prices of commodities. We have deployed more than 500 price monitors, allowing us to receive rates from more than 15,000 locations across the province on a daily basis,' said Bhatti.
Business Recorder
10-06-2025
- Business
- Business Recorder
Price Control Department takes stern action against hoarders
LAHORE: The Price Control and Commodities Management Department is actively functioning and taking stern action against wholesalers in case of public complaints. Secretary Price Control and Commodities Management Department Dr. Ehsan Bhutta said this while addressing the officers during his visit to the control room. Dr. Ehsan Bhutta said that the control room is registering complaints related to prices of commodities and food safety 24 hours a day. Action has been taken on more than 40 complaints in the last 24 hours. Throughout the province, there was ample stock of green spices, potatoes, onions, and tomatoes for public convenience during the three days of Eid. He said that C.M. Punjab has clearly directed that there would be no compromise to take action against traders who violate price regulations. Dr. Ehsan Bhutta said that the department's enforcement team will work closely with law enforcement agencies to maintain check and balance and also ensure compliance with price control regulations. Dr. Ehsan Bhutta further said that Model Bazars across the province of the Punjab performed well to provide commodities on control prizes. The Government of the Punjab is committed to ensure the well-being of its citizens by regulating prices of essential commodities. He said that the department's efforts are focused on key commodities. By regulating prices, the government aims to promote economic stability, protect middle-class households and support low-income families. He further said that the government's commitment to price control is a significant step towards ensuring the availability of essential commodities at fair prices. This initiative is expected to have a positive impact on the lives of citizens, particularly those who are most vulnerable to price fluctuations, he concluded. Copyright Business Recorder, 2025
Business Recorder
10-06-2025
- Business
- Business Recorder
PC&CMD functioning actively: Secretary
LAHORE: The Price Control and Commodities Management Department is actively functioning and taking stern action against wholesalers in case of public complaints. Secretary Price Control and Commodities Management Department Dr. Ehsan Bhutta was addressing the officers while visiting the control room. He said that the control room is registering complaints related to prices of commodities and food safety 24 hours a day. Action has been taken on more than 40 complaints in the last 24 hours. Throughout the province, there was ample stock of green spices, potatoes, onions, and tomatoes for public convenience during the three days of Eid. He said that C.M. Punjab has clearly directed that there would be no compromise to take action against traders who violate price regulations. Dr. Ehsan Bhutta said that the department's enforcement team will work closely with law enforcement agencies to maintain check and balance and also ensure compliance with price control regulations. He further said that Model Bazars in the Punjab performed well to provide commodities on control prizes. The Government of the Punjab is committed to ensure the well-being of its citizens by regulating prices of essential commodities. He said that the department's efforts are focused on key commodities. By regulating prices, the government aims to promote economic stability, protect middle-class households and support low-income families. He further said that the government's commitment to price control is a significant step towards ensuring the availability of essential commodities at fair prices. This initiative is expected to have a positive impact on the lives of citizens, particularly those who are most vulnerable to price fluctuations, he concluded. Copyright Business Recorder, 2025
