NPMC satisfied with fall in commodity prices
FAO noted that cereal prices rose “even as world cereal production is on course to reach a new record high. PHOTO: REUTERS
The National Price Monitoring Committee (NPMC) has expressed satisfaction over the decrease in prices of essential commodities in Pakistan.
Chairing an NPMC meeting on Wednesday, Minister for Finance and Revenue Shaukat Tarin appreciated the provincial governments for taking administrative measures to reduce the gap between wholesale and retail prices of commodities in the market.
Briefing about the Consumer Price Index (CPI), Finance Division’s economic adviser stated that rates of perishable food items and non-perishable goods had declined significantly in December 2021 when reviewed on a year-on-year and month-on-month basis.
He highlighted that the CPI was recorded at 12.3% in December 2021 against 8% in December 2020. On a month-on-month basis, the CPI declined 0.02% in December 2021, however, it had grown 3% in November 2021.
“Overall, the prices have shown a decline compared to the previous month,” the official said. NPMC was also briefed on the weekly Sensitive Price Indicator (SPI), which fell 0.5% last week against growth of 0.4% in the prior week.
The committee was updated on the prices of wheat flour, which had been on a downtrend across the country for the past five weeks.
The meeting expressed satisfaction over the availability of sufficient stocks of wheat in the country.
While discussing the wheat sowing situation, NPMC members expressed satisfaction over the progress in all four provinces. NPMC also deliberated on the prices and stock of sugar and expressed concern over the slight increase in prices of the sweetener in various cities.
Meeting participants debated the variation in prices of pulses and the uptrend in rates of eggs and chicken due to the seasonal factor. NPMC was told that rates of onion had come down.
The committee directed the Ministry of National Food Security and Research to formulate a strategy for the provision of storage infrastructure in a bid to improve the supply chain of perishable food items. It discussed the demand and supply of fertiliser and asked the Ministry of Industries and Production to import the commodity as soon as possible to meet rising demand and stabilise prices in the domestic market.
NPMC was also briefed on the availability of essential goods at subsidised rates across the country. Minister of State for Information and Broadcasting Farrukh Habib and secretaries of food and industries ministries attended the meeting.
Provincial chief secretaries, Pakistan Bureau of Statistics’ chief statistician, Utility Stores Corporation managing director and other senior officials also took part in the meeting.
Published in The Express Tribune, January 6th, 2022.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.