Inflation monitoring committee advised to keep in check rising commodity prices

ISLAMABAD: Advisor to Prime Minister on Finance Dr Abdul Hafeez Shaikh chaired Monday the price monitoring committee huddle over video link noting a weekly slash in some essential commodities’ prices, ARY News reported.

Prices of flour, sugar, and onions have come reported reduction according to the weekly report, however, it was noted that other essential commodities: tomatoes, poultry etc have jumped notably. The huddle monitored the prices of ghee and vegetables to remain unchanged.

The data discussed was furnished by the Pakistan Board of Statistics as its weekly Sensitive Price Index (SPI).

“Strictly monitor the difference between Retail and Wholesale prices in various commodities to ensure availability of the essential items for the consumers at an affordable price,” said Shaikh advising

According to the notification of the National Price Monitoring Committee (NPMC), it was attended, via video link, by chief secretaries of all provinces, industries minister Hammad Azhar, Adviser for Commerce Abdul Razaq Dawood, SAPM on Revenue Dr Waqar Masood, and Federal Secretary Finance

Federal Secretary National Food Security and Research, Secretary Industries and Production, Secretary Commerce, trading corporation chairman, competition commission chairman and utility stores MD also participated in the meeting.

The committee was also informed about the price variation among the Provinces and the profit margin between wholesale and the retail.

Adviser Finance emphasized that the provincial governments and all other concerned authorities take immediate proactive measures to control the increase in prices.

The finance advisor also held a detailed discussion with the Provincial Chief Secretaries regarding the position of wheat and Sugar stocks in the Provinces. NPMC was told that sufficient quantities are available across the country.

Moreover, the Punjab and Sindh governments briefed the huddle about oncoming sugarcane crushing season underlining that sugar prices would reduce further due to availability of the local produce in the coming months.