ISLAMABAD: A meeting of the National Price Monitoring Committee (NPMC) held on Tuesday, under the chairmanship of the finance secretary took notice of increase in prices of poultry, wheat and other essential food items and directed the relevant authorities to take action against the price hikes where necessary.
The meeting was attended by the representatives from the provincial governments, Islamabad Capital Territory (ICT), Ministry of Industries and Production, Ministry of Interior, Ministry of Planning Development and Special Initiatives, Ministry of National Food Security and Research, Federal Board of Revenue (FBR), Competition Commission of Pakistan (CCP) and Pakistan Bureau of Statistics (PBS).
During the meeting, the finance secretary discussed the issue of price hike in the poultry sector with stakeholders and examined the demand and supply dynamics of poultry products and directed the provincial governments and the ICT administration to take strict actions against outlets where poultry products are being sold at unjustifiable high prices.
The provincial representatives and the ICT administration assured that all possible measures to curb the price hike will be taken and that poultry prices will be reduced in the coming days.
The finance secretary also directed the CCP to share its findings regarding the price hike in the poultry sector with the provincial government and the ICT administration.
The NPMC also directed the Ministry of National Food Security to coordinate and consult with the provincial governments regarding the prices of wheat and wheat flour in the country and take immediate measures to ensure smooth supply of the products.
The finance secretary also advised that all relevant authorities along with the provincial governments should work to ensure the provision of essential food items at affordable prices.
In May, the Consumer Price Index (CPI) was recorded at 8.2 per cent. CPI for the July 2019- May 2020 period, averaged at 10.9 per cent.
Sensitive Price Indicator (SPI) which monitors the price movement of 51 essential items on a weekly basis recorded an increase of 0.05 per cent for the week ended on June 11.
During the meeting it was noted that inflation in the country has been on a continuous declining trend since January 2020, due to policy, administrative and relief measures of the federal and provincial governments. It was also observed that the declining price trend in the international market might further reduce domestic prices in the near future.
