ISLAMABAD: Federal Minister for Finance and Revenue Shaukat Tarin presided over the meeting of a National Price Monitoring Committee (NPMC) held at the Finance Division on Monday.
Federal Minister for National Food Security and Research Syed Fakhar Imam, Federal Minister for Industries and Production Makhdum Khusro Bakhtiyar, SAPM on Finance and Revenue Dr Waqar Masood, Secretary Finance Division, Additional Secretary M/o NFS&R, Secretary Commerce, Additional Secretary M/o PD&SI, Chairman FBR, Member PBS, Commissioner Islamabad, senior representatives of the Provincial Governments and other senior officers participated in the meeting.
The NPMC reviewed the price trend of essential commodities especially wheat flour, chicken, eggs, sugar, pulses and edible oil during the week under review.
While briefing the NPMC about weekly SPI, the Secretary Finance Division apprised that there has been a continuous decline in the weekly SPI over the period of last two consecutive weeks which is a positive sign indicating ease in inflationary pressures.
The weekly SPI decreased to 0.61 percent on 3rd June 2021 and 0.63 percent during the preceding week. The consolidated and coordinated efforts of the Federal as well as respective Provincial Governments and departments concerned have yielded consistent results.
Going by the aforesaid international trend, the domestic price hike couldn't be avoided as Pakistan is the net importer of staple food commodities like wheat, sugar, edible oil, pulses etc. During these testing times, the Government has taken all possible measures to provide maximum relief to the masses during pandemic-induced global food inflation crisis.
While reviewing the situation, the Finance Minister stated that inflation and Covid-19 have been the two main concerns for global markets particularly during the second quarter of 2021. There is a need to take into account a holistic picture in relation to price hikes at international and regional levels, he added.
While taking stock of the daily releases of wheat by the respective provincial governments, the Finance Minister strictly directed the provincial governments to continue daily release of subsidised wheat and ensure its availability to general public at affordable prices throughout the country in compliance with the directives of the Prime Minister.—PR
Copyright Business Recorder, 2021