Islamabad: At a recent National Price Monitoring Committee meeting chaired by Planning Minister Prof. Ahsan Iqbal, significant strides in controlling inflation were highlighted, showcasing a notable reduction from 29.45% last year to 12.6% currently. This meeting, held in Islamabad, drew participation from key economic officials and representatives across various government levels.

According to Ministry of Planning Development and Special Initiatives, the meeting discussed detailed strategies and measures that have contributed to this downward trend in inflation, particularly in the pricing of food items, which saw a drastic decrease in both urban and rural areas. Urban food inflation dropped from 40.8% to 2.6%, while rural rates fell from 41.5% to 1.3% within a year.

The committee credited the government’s rigorous monitoring mechanisms and subsidies at utility stores for helping bridge the price gap between market and subsidized stores, which significantly aided in mitigating the public’s cost burdens. Despite the global economic pressures that have spiked the prices of imported items, local measures have effectively shielded the domestic market.

Prof. Iqbal emphasized the importance of anticipatory governance to prevent market shocks and the critical role of the newly developed Decision Support System by the Pakistan Bureau of Statistics. This system, enhanced by the recent completion of the 7th Digital Census, provides weekly updates on price changes through the Sensitive Price Index (SPI), which tracks prices of 51 essential items across 17 cities.

The Minister’s directives included monthly meetings of the National Price Monitoring Committee, closer scrutiny of price behaviors in regional markets, especially during significant periods like Ramadan and Eid, and robust stock management to ensure price stability. He also highlighted the need for stringent enforcement to combat hoarding and regulate market prices effectively.

By monitoring the price behavior of each district and enforcing compliance through Deputy Commissioners, the government aims to maintain the achieved stability and prevent any potential fluctuations that could affect the economic gains.