Islamabad: Federal Minister of Finance and Revenue Dr. Abdul Hafeez Sheikh on Monday chaired a meeting of the National Committee for Price Control here in Islamabad.
The National Price Monitoring Committee (NPMC) has reviewed the price trend of basic commodities, especially wheat, sugar and edible oil. The Minister of Finance was briefed on the decline in the CPI recorded at 8% in December 2020 compared to 12.6% in December 2019 as a positive result of vigilant monitoring under the NPMC on a regular basis.
The National Council of Sports Medicine noted a significant reduction in food price inflation as urban food price inflation decreased by 2.1% and the rural inflation rate decreased by 3.4% on a monthly basis. NPMC also reported that there has been a decline in the weekly sensitive price index of 0.7%. Also, the prices of 10 basic food commodities were reduced, especially tomatoes, onions, potatoes and chicken.
The Chair indicated that core component prices are starting to show a downtrend which is a positive result of the vigilant monitoring under NPMC on a weekly basis.
The Finance Minister directed the heads of trustees to control the smooth supply of wheat throughout the province by increasing the daily release, if necessary, and submitting a comprehensive report in the next NPMC accordingly.
The President urged the regional trustees to verify the possibilities of storage and black marketing, especially wheat and sugar, to ensure uninterrupted supply at fair prices.
The Federal Minister for Industry and Production, Hammad Azhar, briefed the National Committee on the measures being taken to further reduce the prices of sugar and edible oil in consultation with stakeholders.
The President directed the formation of a committee headed by the Minister of Industry and Production, with the Secretary of MNFS & R and relevant stakeholders as members, to come up with a coordinated course of action in this regard.
Advisor to the Prime Minister for Trade, Textiles and Investment Abdul Razzaq Dawood also expressed his appreciation for the measures being taken to further reduce the prices of sugar and edible oil.
The meeting stressed the need for the effective functioning of all federal and provincial authorities to monitor the situation of supply and demand across the country to provide everyday use materials to the general public at reasonable prices.
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