Tarin expresses satisfaction on decline in prices of sensitive commodities

Tarin expresses satisfaction on decline in prices of sensitive commodities
Tarin expresses satisfaction on decline in prices of sensitive commodities

ISLAMABAD, Jan 5 (APP):Minister for Finance and Revenue Shaukat Tarin on Wednesday expressed satisfaction on the decrease of the prices of sensitive commodities.

He appreciated the provincial governments for taking administrative measures to reduce the gap between the wholesale and retail price.

The minister presided over the meeting of the National Price Monitoring Committee (NPMC), which was also attended by the Minister of State for Information and Broadcasting Farrukh Habib and secretaries ministries of National Food Security and Research, Industries and Production.

Provincial chief secretaries, Economic Adviser Finance Division, Chief Statistician Pakistan Bureau of Statistics, Managing Director Utility Stores Corporation, Deputy Commissioner ICT and other senior officers also attended the meeting.

The Economic Adviser Finance Division briefed the NPMC on CPI Inflation and informed that prices of perishable food items and non-perishable food items have shown significant decline in their prices when reviewed year on year and month on month basis.

He further highlighted that CPI inflation year-on-year basis was recorded at 12.3% in December 2021 as compared to 8.0% in December 2020. Whereas CPI for month-on-month basis remained at -0.02 % in December 2021, however it was 3.0% in November 2021. Overall prices have shown decline as compared to prices in the last month.

The NPMC was also briefed on weekly SPI which decreased by 0.50% in the week as compared to previous week which was increased by 0.40%. It was informed that 33 food items contributed decline in the SPI by -0.44%, whereas 18 non-food items contributed -0.06%. Prices of 07 items registered decline which contributed decline in the SPI by 0.70%. During the week, prices of Tomatoes declined by 0.31%,
Potatoes 0.13% and others 0.13%.

The committee was informed that prices of 22 items remained stable whereas 22 items registered slight increase in prices which contributed increase in the SPI by 0.2%. Prices of Chicken increased by 0.08%, Eggs by 0.04% and others by 0.08%.

NPMC was updated on the prices of wheat flour which marked a continuous decline in the prices in the country for the last five weeks. The meeting expressed satisfaction over the availability of sufficient stocks of wheat in the country.

The meeting also discussed the sowing situation of Wheat in the country and expressed satisfaction on the progress in all the four provinces.

The NPMC was briefed on the sugar prices and its stock position in the country and expressed concerns on the slight increase in sugar prices in various cities.

The meeting was also apprised on the variations in the prices of pulses and rise in the prices of eggs and chicken due to seasonal factor.

The NPMC was informed that prices of onion have marked decrease as compared to its price three years earlier.

The NPMC also discussed and directed the Ministry of National Food Security Research to formulate strategy for the provision of storage infrastructure for improving supply chain of perishable food items.

The NPMC also discussed the demand and supply of fertilizer in the country and directed Ministry of Industries and Production to import fertilizer as soon as possible to meet the rising demand and to maintain stability in the prices.

The NPMC was briefed on the availability of essential goods at subsidized rates at the Sastaa and Sahulat bazaars across the country.

The Finance Minister Shaukat Tarin commended the efforts of the governments of the Punjab, Khyber Pakhtunkhwa, Islamabad administration in providing key items at discounted prices through arranging Sastaa Bazaars and also expressed satisfaction on the availability of essential items at low rates in Sastaa Bazaars in Sindh and Baluchistan.