Weekly inflation recorded 0.07pc decline: NPMC told

ISLAMABAD: Federal Minister for Finance and Revenue, Mr. Shaukat Tarin, presided over the National Price Monitoring Committee (NPMC) meeting held at the finance division.

During the meeting, finance minister Shaukat Tarin has reiterated the firm commitment of the government to ensure a smooth supply of wheat flour across the country at government-specified prices.

Presiding over the NPMC, he expressed satisfaction over the release of wheat by the Provincial Government of Punjab at the Government specified rate which is easing out price of wheat flour bags in the province.

The Finance Minister directed the Provincial Chief Secretaries of Sindh, Balochistan and KP to expedite the process for releasing wheat at the price determined by the Government after fulfilling requisite formalities

The secretary of finance briefed the NPMC about the decline in weekly SPI by 0.07%.

The rise in global food commodities and petroleum prices due to the COVID-19 pandemic has affected the prices of essential food items worldwide. The continuous uptick in international food prices is affecting the domestic prices as Pakistan is a net importer of staple food items namely wheat, sugar, edible oil and pulses, he added.

While taking stock of the situation, the Finance Minister expressed satisfaction over the release of wheat by the Provincial Government of Punjab at the Government specified rate which is easing out price of wheat flour bags in the province.

The MD further updated about the installation of point of sales. The finance minister, as chairman of NPMC, directed MD USC to complete the entire process of automation by December 2021.

While reviewing prices of essential commodities, the NPMC noted that current hike in international prices of food commodities may continue to remain strong in the months to follow due to global supply bottlenecks.