The weekly Sensitive Price Indicator (SPI) witnessed an increase of 1.35 percent as compared to SPI in the previous week, which saw a decline of 0.11 percent. 33 food items contributed an increase of 1.30 percent to SPI, whereas 18 non-food items contributed a 0.05 percent increase.
The National Price Monitoring Committee (NPMC) held its meeting with Federal Minister for Finance and Revenue, Shaukat Tarin, in the chair at the Finance Division on Tuesday.
Economic Adviser Finance Division briefed the NPMC meeting on the weekly SPI informed that the prices of 23 items remained stable in the last week, whereas the prices of six items decreased and contributed to the SPI decline by 0.17 percent.
The items that showed decline included potatoes by 0.05 percent, onions by 0.03 percent, eggs by 0.04 percent, and other items by 0.05 percent. The prices of 22 items increased, contributing to an increase in SPI by 1.52 percent. These items included tomatoes by 0.97 percent, chicken by 0.40 percent, garlic by 0.02 percent, and others by 0.13 percent. Potatoes, onions, eggs, sugar, Moong pulse, and Mash pulse showed a decline in the prices during the last week.
NPMC was also updated on the availability of sufficient stocks of wheat in the country. It was informed that wheat flour prices in Quetta remained higher as compared to other parts of the country.
The Chair expressed concerns over the higher prices of wheat flour in Quetta and directed the Balochistan government to take concrete measures for bringing stability in the wheat flour prices by increasing its stock position and daily releases to the flour mills.
NPMC also discussed sugar prices in the country. It was apprised that a slight decrease in sugar prices had been witnessed in the last week. The Chair directed the Ministry of Industries and Production to expedite the process of building strategic reserves of sugar in the country to maintain stability in prices.
The meeting was informed about stability in the prices of Moong pulse, while other pulses showed a slight increase in prices. Expressing concerns over the prices of pulses, the Finance Minister directed the provincial authorities to control the price hike by keeping a check on hoardings and supply disruptions.
The prices of edible oil were also discussed in the meeting. Secretary Ministry of Industry and Production informed the meeting about the strategy to ensure fair prices of edible oil in the market in coordination with provincial authorities. The Chair directed the Ministry of Industries and Production to work out a pattern of demand and supply of different varieties and brands of edible oil and take corrective measures to control undue price hikes.
The meeting was also apprised of the wholesale and retail prices of daily commodities in the country. It was informed that a decrease had been witnessed in the wholesale and retail prices of various items in the last week. A slight increase was witnessed in the wholesale and retail prices of potato and onion, which was attributed to the increase in the transportation charges. The Chair directed the provincial authorities to take measures to reduce the wholesale and retail price gap.
NPMC was also briefed on the comparison of the prices of daily commodities in Pakistan with regional countries India, Bangladesh, and Sri Lanka. It was witnessed that prices of daily commodities in Pakistan were the lowest compared to the rates of essential items in the regional countries. The meeting was told that Pakistan stood the best in the region in controlling the prices of daily-use commodities.
The meeting was briefed on the availability of essential goods at subsidized rates at the Sastaa and Sahulat Bazaars across the country. The meeting participants expressed satisfaction with the availability of daily commodities in Sastaa Bazars at discounted prices.
In his concluding remarks, the Finance Minister underscored the efforts being made for keeping the prices of essential items in check and measures to ensure a smooth supply of essential commodities throughout the country.
The meeting was attended by Federal Minister for Food Security & Research, Syed Fakhar Imam, Advisor to the Prime Minister on Commerce and Investment, Abdul Razak Dawood, Secretary Ministry of National Food Security & Research, Secretary Ministry of Industries & Production, Provincial Chief Secretaries, Economic Advisor Finance Division, MD Utility Stores Corporation, Chairman Trading Corporation of Pakistan, Chief Statistician Pakistan Bureau of Statistics, Member Customs Federal Board of Revenue, Deputy Commissioner ICT and other senior officers from relevant ministries.
