PHOTO: FILE
ISLAMABAD: The National Price Monitoring Committee (NPMC) noted that inflation was on a downward trajectory since January 2020 due to policy, administrative and relief measures of the federal and provincial governments.
In the meeting held Friday to discuss the price trend of essential food items, it was pointed out that the year-on-year Consumer Price Index (CPI) inflation was recorded at 8.2% in May 2020 while it clocked-in at 10.9% during July-May FY20.
Chaired by Finance Secretary Naveed Kamran Baloch, the committee observed that the price trend in the international market was declining which would augur well for prices in domestic market in the near future.
The meeting was informed that the government was proactively taking measures to control the general price level of daily use items at federal, provincial and district levels.
It noted that the Sensitive Price Indicator (SPI), which monitors the price movement of 51 essential items on a weekly basis, recorded an increase of 0.05% for the week ended June 11, 2020.
During the week, 10 items recorded a decline in their prices while cost of 22 items remained stable.
In the prior week ie June 4, 2020, SPI recorded a decline of 0.42%.
"The recent cabinet meeting took notice of the price hike in poultry sector," said Baloch. He discussed the matter in comprehensive detail with all stakeholders and examined the demand and supply dynamics of poultry products.
The chair further directed provincial governments and ICT administration to take strict action where undue price hike was being observed. Baloch also stressed comprehensive measures for smooth supply of poultry products as well.
The provincial representative and ICT administration ensured that they would take all possible measures to improve the situation and tame prices in the coming days.
The committee chairman directed the Competition Commission of Pakistan to share its findings regarding the poultry sector with provincial governments and ICT to streamline the recent spike in prices and play a proactive role to control the hike.
The NPMC directed the Ministry of National Food Security to coordinate and consult with provincial governments in a vigilant manner regarding prices of wheat and wheat flour and take immediate measures to ensure smooth supply.
The chair advised that all relevant authorities along with provincial governments should monitor the provision of essential food items at affordable prices and remove the price disparity.
Published in The Express Tribune, June 20th, 2020.
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