Islamabad: Planning Minister Ahsan Iqbal chaired a crucial meeting of the National Price Monitoring Committee, focusing on strategies for price stabilization and management of supply-demand dynamics across Pakistan. Senior officials, including Additional Secretary Planning Mr. Kamran Rehman, Economic Advisor Dr. Imtiaz Ahmed, Chief Statistician Dr. Naeem Uz Zafar, Joint Chief Economist, Deputy Commissioner ICT, Deputy Commissioner (MP and FP), and representatives from the Ministry of Food and provincial governments, were present.
According to Press Information Department, the committee reviewed recent inflation data, particularly in food and essential commodities, using insights from the Pakistan Bureau of Statistics (PBS) on the Consumer Price Index (CPI). Minister Iqbal emphasized the importance of data-driven strategies in price monitoring, advocating for detailed reports on inflation drivers to facilitate targeted interventions. In October 2024, non-perishable food items experienced a controlled rise of 1.01% compared to the previous month and a decrease of 1.46% compared to October 2023. Significant decreases were observed in the prices of wheat flour (-34.73%), sugar (-9.15%), and cooking oil (-10.2%). Overall, food inflation showed high stability with a decline from 28.9% in October 2023 to 2.7% in October 2024 in urban areas and from 28.6% to 0.6% in rural areas during the same period.
The transport sector and fuels category also saw a declining trend of -6.13%, mainly due to a decrease in petrol and diesel prices by -18.5% compared to October last year. Minister Iqbal directed that proactive demand and stock availability analyses be conducted for critical periods, especially during Eid-ul-Adha and Ramadan, to mitigate price spikes. Local market committees were instructed to actively monitor demand and supply, ensuring adequate availability of essential commodities, while Deputy Commissioners were tasked with maintaining oversight of district-level stock levels to prevent shortages.
Minister Iqbal urged provincial chief secretaries to conduct regular price evaluations at the district level in collaboration with PBS, emphasizing the need to avoid duplicated efforts for effective price control. He highlighted the importance of adjusting transport fares to reflect recent reductions in fuel prices, ensuring the public benefits from reduced transportation costs. The committee also examined discrepancies between wholesale and retail prices, directing the establishment of a database for Chief Ministers’ review to improve transparency and curb profiteering.
Minister Iqbal stressed the need for a structured business plan for agriculture, urging the establishment of national production targets in line with domestic needs and export potential. Recognizing the need for specialized expertise, he recommended appointing a permanent agriculture economist to guide crop planning and economic projections. He also called for enhancing value addition in dairy and agricultural products, aiming to develop Pakistani brands for both domestic and international markets.
In conclusion, Minister Iqbal reiterated the critical role of data analytics in future planning and urged all provincial and federal units to fully utilize PBS data. The government’s inflation management efforts are yielding positive results, particularly in essential commodities, with close monitoring of wholesale-retail price gaps helping to stabilize market prices across various regions.