SPI-Based Weekly Inflation Declines With Slight Increase in CPI Numbers

The National Price Monitoring Committee (NPMC) noted on Wednesday that the weekly sensitive price indicator (SPI) witnessed a decrease of 0.11% as compared to a decline of 0.06% in the previous week.

Federal Minister for Finance and Revenue, Shaukat Tarin presided over the NPMC meeting held at the Finance Division.

Federal Minister for Food Security & Research, Syed Fakhar Imam, Secretary Ministry of Industries and Production, Secretary Ministry of National Food Security & Research, Provincial Chief Secretaries, Economic Advisor Finance Division, Member Pakistan Bureau of Statistics, Managing Director Utility Stores Corporation, Chairperson Competition Commission of Pakistan, Chairman Trading Corporation of Pakistan, Member Customs Federal Board of Revenue, Additional Deputy Commissioner ICT and other senior officers attended the meeting.

Economic Adviser Finance Division briefed NPMC on the weekly SPI, which witnessed a decrease of 0.11% as compared to a decline of 0.06% in the previous week, as 33 food items contributed a decrease of 0.05%, whereas 18 non-food items contributed a decrease of 0.06% to the SPI.

NPMC was informed that prices of 26 items remained stable in the last week, whereas prices of eight items decreased, contributing to the decline in SPI by 0.47%. The items which caused a decline included chilies powder by 0.21%, potatoes by 0.03%, onions by 0.001%, and others by 0.23%. The prices of 17 items increased and contributed an increase in SPI by 0.36%. These included tomatoes by 0.21%, garlic by 0.02%, cooking oil by 0.05%, and others by 0.08%. A continuous decrease in the SPI has been witnessed during the last three weeks

NPMC was also briefed on CPI inflation, which showed a slight increase of 0.25 % in non-perishable food items and a decrease of 5.22% in perishable food items on a month-on-month basis. The commodities like households, transportation, restaurant, energy items, and hotel services have registered an increase in the prices on a year-on-year basis.

NPMC was informed that chilies powder, potatoes, onions, eggs, chicken, sugar, bananas, and Moong pulse showed a decline in the prices during the last week. It was updated on the prices of wheat flour and was informed that there is stability in the Wheat flour prices in the country and sufficient stocks are available. Considering available stock position, consumption, and future requirement of wheat, the Chair directed the Ministry of NFS&R to formulate a strategy for a smooth supply of wheat in the future.

NPMC also discussed sugar prices in the country and was apprised that a slight decrease in sugar prices had been witnessed in the last week. Further, the Chair directed the Ministry of Industries and Production to expedite the process for building strategic reserves of sugar in the country to maintain stability in prices in the future. NPMC was also briefed on the prices of pulses in the country. It was informed that the prices of Moong had significantly declined as compared to the last year.

The Finance Minister further the Ministry of National Food Security & Research and the provincial governments to expedite the investigation into the undue profit margin in perishables, especially onions, tomatoes, and potatoes, and control the price hikes in these items.

On the prices of edible oil in the country, the Secretary Ministry of I&P informed the meeting that an appropriate strategy is being chalked out against the edible oil manufacturers to address the issue of charging higher prices from domestic consumers relative to prices in the international market

The meeting also discussed the Fertilizer situation in the country and directed the Ministry of NFS&R to formulate a strategy in consultation with provincial governments for giving adequate relief to the growers.

The meeting also discussed the prices of daily commodities available at the Utility Stores. USC was directed to inform the masses of any variations in the prices and availability of commodities well in time.

NPMC was briefed on the availability of essential goods at subsidized rates at the Sasta & Sahulat Bazaars across the country. Finance Minister Mr. Shaukat Tarin appreciated the efforts of the Government of Punjab, Khyber Pakhtunkhwa, Balochistan, and Islamabad administration in providing key items at discounted prices through arranging Sasta Bazaars. He further directed establishing such bazaars in more cities to provide maximum relief to the people.

In his closing remarks, the Finance Minister stressed the need for efforts to keep the prices of essential items under check and the measures to ensure a smooth supply of essential commodities throughout the country.



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