Federal Minister for Finance and Revenue, Dr. Abdul Hafeez Sheikh, chaired the meeting of the National Price Monitoring Committee (NPMC) on Monday.
NPMC reviewed the price trend of essential commodities, especially wheat, sugar, and edible oil, during the week. Finance Secretary briefed the meeting that the weekly Sensitive Price Index (SPI) registered a 0.22 percent decline, and the main drivers behind this decrease are the prices of eggs, tomatoes, potatoes, onions, and chicken.
Prices of 21 basic items remained stable, whereas seven items registered a decline during the week.
MoNFS & R apprised NPMC that all stakeholders are on board concerning the existing position of wheat stock in the country.MoNFS&R Federal Minister assured that the ministry would take possible measures to ensure the smooth supply of wheat across the country.
The Finance Minister directed the Provincial governments to follow a self-sustaining model and streamline the daily release of wheat to ensure a steady supply in the provinces and districts.
Federal Minister for Industries and Production, Hammad Azhar, updated NPMC about the recent decline in international prices of palm oil, which will eventually reduce the upward pressure on the prices of edible oil in the domestic market.
The Finance Minister directed the Ministry of Industries and Production to continuously monitor the stocks of sugar, its supply position in the market, and retail prices throughout the country.
Member Pakistan Bureau of Statistics (PBS) updated NPMC about the benefits of the recently developed dashboard of prices of essential items and progress on its implementation in coordination with the provinces.
NPMC directed PBS to provide the necessary support to the provinces to fully functionalize the system to monitor the prices and counter price disparity across the country.
The Finance Minister directed MoNFS&R to chalk out a comprehensive strategy to ensure a smooth supply of wheat flour at reasonable rates for the general public. He also urged the provincial governments to continue taking necessary steps to ensure the provision of basic items at affordable prices across the country.
Minister for National Food Security and Research (MoNFS&R), Syed Fakhar Imam, Federal Minister for Industries and Production, Hammad Azhar, Adviser to the PM on Commerce, Abdul Razak Dawood, SAPM on Revenue, Dr. Waqar Masood, Provincial Chief Secretaries, Secretary M/o Industries and Production, Additional Secretary (MoNFS&R), Additional Secretary Ministry of Planning, Development and Special Initiatives, Chairman FBR, Member CCP, Chairman TCP, MD USC, Member IT/HRM and Member National Accounts from PBS and senior officers of the Finance Division participated in the meeting.