Federal Minister for Finance, Dr. Abdul Hafeez Sheikh, chaired the meeting of the National Price Monitoring Committee (NPMC) today and reviewed the price trend of essential commodities especially wheat, sugar, and edible oil.
Finance Secretary briefed about the decline in the Consumer Price Index recorded at 8 percent in December 2020 as compared to 12.6 percent in December 2019 as a positive outcome of vigilant monitoring under NPMC on regular basis.
The NPMC noted a significant decline in food inflation as urban food inflation declined by 2.1 percent and rural declined by 3.4 percent on a month-on-month basis.
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NPMC was also informed that there is a decline in the weekly Sensitive Price Index (SPI) by 0.7 percent. Prices of 10 essential food commodities were reduced, notably tomatoes, onions, potatoes, and chicken.
The Chair emphasized increased coordination among the Federal and Provincial authorities to identify demand-supply gaps. He also accentuated immediate remedial measures to ensure an uninterrupted supply of items of daily use at affordable prices.
NPMC observed price variation in wheat flour in Sindh and Balochistan Provinces, which was reflected in Pakistan Bureau of Statistics (PBS) data.
The Finance Minister directed the Chief Secretaries to regulate the smooth supply of wheat throughout the province by increasing daily release, if needed, and submit a comprehensive report in the next NPMC, accordingly.
The Chair urged the Provincial Secretaries to check the possibilities of hoarding and black marketing, especially wheat and sugar to ensure uninterrupted provision at fair prices.
Federal Minister for Industries and Production, Hammad Azhar, updated the NPMC about the measures being taken to further reduce the prices of sugar and edible oil in consultation with stakeholders.
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The Chair directed the NPMC to constitute a Committee, headed by the Minister for Industries and Production, with the Ministry of National Food Security & Research Secretary and concerned stakeholders to come up with a concerted course of action in this regard.
The Adviser to the Prime Minister on Commerce, Textiles, and Investment, Abdul Razak Dawood, also appreciated the measures taken by the concerned authorities to further reduce the prices of sugar and edible oil.
Minister for Industries and Production, Hammad Azhar, Adviser to the Prime Minister on Commerce, Abdul Razak Dawood, Special Assistant to the Prime Minister on Revenue, Dr. Waqar Masood, Provincial Chief Secretaries, Secretary Ministry of National Food Security & Research (MoNFS&R), Special Secretary Commerce, Chairman FBR, Additional Secretary Planning Development & Special Initiatives, Member CCP, Chairman TCP, MD PASSCO, MD Utility Store Corporation, Member National Accounts and senior officers of the Finance Division participated in the meeting.
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