Federal Minister for Finance and Revenue Shaukat Tarin presides over the meeting of National Price Monitoring Committee 

Islamabad, February 02, 2022 (PPI-OT):Federal Minister for Finance and Revenue Mr. Shaukat Tarin presided over the meeting of National Price Monitoring Committee (NPMC), held at the Finance Division, today. Federal Minister for Food Security and Research Syed Fakhar Imam, Secretary M/o Industries and Production, Secretary Ministry of National Food Security and Research, Provincial Chief Secretaries, Economic Advisor Finance Division, Member PBS, MD Utility Stores Corporation, Chairperson CCP, Chairman TCP, Member Customs FBR, Addl.

Deputy Commissioner ICT and other senior officers participated in the meeting. Economic Adviser Finance Division briefed the NPMC about weekly SPI which witnessed decrease by 0.11% as compared to decline of 0.06% in the previous week, 33 food items contributed decrease of 0.05%, whereas 18 non-food items contributed decrease of 0.06% to the SPI.

NPMC was informed that prices of 26 items remained stable in the last week. Whereas prices of 08 items decreased contributed decline in SPI by 0.47%. The items shown decline included Chillies Powder by 0.21%, Potatoes by 0.03%, Onions by 0.001% and other by 0.23%. While prices of 17 items increased that contributed increase in SPI by 0.36% which 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 slight increase of 0.25 % in non-perishable food items and decrease of 5.22% in perishable food items on MoM basis.

Commodities like households, transportation, restaurant, energy items and hotel services have registered increase in the prices on YoY basis. NPMC was informed that Chillies Powder, Potatoes, Onions, Eggs, Chicken, Sugar, Bananas, Moog Pulse have shown decline in the prices during the last week.

NPMC 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 Ministry of NFS and R to formulate strategy for smooth supply of Wheat in future.

NPMC also discussed sugar prices in the country and was apprised that a slight decrease in the sugar prices have been witnessed in the last week. Further, the Chair directed Ministry of Industries and Production to expedite the process for building strategic reserves of sugar in the country to maintain stability in prices in future.

NPMC was also briefed on the prices of Pulses in the country, it was informed that the prices of Moong have significantly decline as compared to the last year. The Finance Minister further directed Ministry of NFS and R and provincial governments to expedite the investigation into the undue profit margin in perishables, specially onions, tomatoes and potatoes and control price hike in these items.

On the prices of edible oil in the country, Secretary Ministry of I and P informed the meeting that 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 Fertilizer situation in the country and directed Ministry of NFS and R to formulate 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 and directed USC to inform the masses on any variations in the prices and availability of commodities well in time.

The NPMC was briefed on the availability of essential goods at subsidized rates at the Sastaa and Sahulat Bazaars across the country. Finance Minister Mr. Shaukat Tarin appreciated the efforts of the Government of the Punjab, KP, Baluchistan and Islamabad administration in providing key items at discounted prices through arranging Sastaa Bazaars.

He further directed to establish such bazaars in more cities to provide maximum relief to the people. 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 smooth supply of essential commodities throughout the country.

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