Staff Reporter Islamabad
Federal Minister for Finance and Revenue, Mr. Shaukat Tarin, chaired the meeting of National Price Monitoring Committee (NPMC) held at the Finance Division.
Economic Adviser briefed the NPMC about decline in weekly SPI by 0.10% during the week under review. This is a consecutive decline in weekly SPI over the last two weeks.
Prices of 10 items witnessed declined including perishable commodities namely tomatoes, onions, Moong and Mash pulses while 21 items remained stable during the week.
The downward trend in weekly SPI reflects the outcome of the recent steps taken by the Federal and Provincial governments & departments concerned. Moreover, the CPI is also depicting a downward trend in the first quarter of FY2021-22 to 8.58% as compared to 8.84% in corresponding period last year.
While reviewing prices of wheat flour bag, the Finance Minister commended the Provincial gov-ernment of Punjab and Islamabad Capital Territory (ICT) administration for daily release of wheat at Government’s specified price which has eased pres-sure on prices of wheat flour.
The Finance Minister took strict notice of the prices prevailing in Sindh and Baluchistan and urged their respective Provincial Chief Secretaries to initiate daily release of wheat for stabilizing prices of wheat flour bags.
At present, the price differential is clearly visible in the prices between Punjab and rest of the Provinces. The NPMC stressed upon the need to ensure smooth supply of wheat at government notified price throughout the country.
The Secretary, M/o NFS&R briefed the NPMC about sufficient availability of stock of wheat in the Government sector till the arrival of the new crop
. The NPMC reviewed the price trend in global markets and it was decided that a minimum impact will be passed on to the consumers. Finance Divi-sion further briefed the Committee about increasing price trend of food commodities in international markets.
While taking stock of the situation, the Finance Minister directed the M/o Industries and Production and FBR to accelerate the process for providing relief to the consumers in prices of edible oil through concession in duty.
Secretary, M/o Industries and Production up-dated the NPMC about opening the tender for im-porting 50,000 MT of Sugar today.
He further ap-prised about the progress over provision of sugar at Government’s fixed price through a network of Sahulat Sasta Bazars, Utility Stores etc.