ISLAMABAD (APP): Federal Minister for Finance and Revenue Shaukat Tarin on Wednesday directed the Ministry of National Food Security and Research (NFS&R) and provincial governments to expedite investigation into the undue profit margin in perishable commodities, specially onions, tomatoes and potatoes.
Chairing the meeting of National Price Monitoring Committee (NPMC) here, the minister also directed for controlling price hike in these items, according to a Finance Ministry press release.
The minister also directed the Ministry of Industries and Production to expedite the process for building strategic reserves of sugar in the country to maintain stability in its prices in future.
Tarin appreciated the efforts of the governments of the Punjab, Khyber Pakhtunkhhwa and Balochistan, and Islamabad administration in providing key items at discounted prices through arranging Sastaa Bazaars.
He further directed to establish such bazaars in more cities to provide maximum relief to the people.
The minister also highlighted the efforts being made for keeping the prices of essential items in check and measures to ensure their smooth supply throughout the country.
Considering available stock position, consumption and future requirement of wheat, the minister directed the Ministry of NFS&R to formulate a strategy for its smooth supply future.
Earlier, the Economic Adviser Finance Division briefed the NPMC about weekly Sensitive Price Indicator (SPI), which witnessed decrease by 0.11% as compared to decline of 0.06% in the previous week. About 33 food items contributed decrease of 0.05% and 18 non-food items that of 0.06% to the SPI.
The NPMC was informed that the prices of 26 items remained stable whereas those of eight items decreased and contributed decline in SPI by 0.47% in the last week.
The items that showed decline in their prices included chillies powder (0.21%), potatoes (0.03%), onions (0.001%) and others (0.23%).
The prices of 17 items increased that contributed increase in the SPI by 0.36%, which included tomatoes by 0.21%, garlic by 0.02%, cooking oil by 0.05% and others by 0.08%.
A continuous decrease in the SPI had been witnessed during the last three weeks, it was told.
The NPMC was also briefed on the Consumer Price Index (CPI) Inflation, which showed slight increase of 0.25 % in non-perishable food items and decrease of 5.22% in perishable food items on month-on-month basis. Commodities like households, transportation, restaurant, energy items and hotel services registered increase in the prices on year-on-wear basis.
The committee was informed that the chillies powder, potatoes, onions, eggs, chicken, sugar, bananas, moog pulse had shown decline in their prices during the last week.
The NPMC was updated that there was stability in the wheat flour prices in the country as its sufficient stocks were available.
It was told a slight decrease in the sugar prices had been witnessed in the last week.
The NPMC was also briefed on the prices of pulses in the country. It was informed that the prices of Moong had significantly declined as compared to the last year.
On the prices of edible oil in the country, the Secretary Ministry of I&P informed the meeting that an appropriate strategy was being chalked out against the edible oil manufacturers to address the issue of charging higher prices from domestic consumers relative to prices in the international market.
The meeting also discussed fertilizer situation in the country and directed the Ministry of NFS&R to formulate a strategy in consultation with provincial governments for giving adequate relief to the growers.
It also discussed the prices of daily commodities available at the Utility Stores and directed the Utility Stores Corporation to inform the masses on any variations in the prices and availability of commodities well in time.
The NPMC was also briefed on the availability of essential goods at subsidized rates at the Sastaa & Sahulat Bazaars across the country.
Among others, the meeting was attended by Federal Minister for Food Security & Research Syed Fakhar Imam, Secretary Industries and Production, Secretary National Food Security & Research, Provincial Chief Secretaries, Economic Advisor Finance Division, Member PBS, USC Managing Director, Competition Commission of Pakistan Chairperson, Trade Corporation of Pakistan Chairman, Member Customs FBR, Additional Deputy Commissioner Islamabad and other senior officers.
