Inflation increased by 1.35 percent during last week: NPMC told

ISLAMABAD – February 8 (ONLINE): Country’s weekly Sensitive Price Indicator (SPI) revealed an increase of 1.35 percent in inflation during past week, National Price Monitoring Committee (NPMC) was told Tuesday.

According to details, meeting of NPMC was held Tuesday with Finance minister Shaukat Tarin in chair, assisted by Food Security & Research Minister, Adviser to the Prime Minister on Commerce and Investment Abdul Razak Dawood and secretary of Industries and Production ministry, along with other imperative officials.

Economic Adviser Finance Division briefed the NPMC about weekly SPI which witnessed increase by 1.35% as compared to previous week which was decline of 0.11%. 33 food items contributed increase of 1.30%, whereas 18 non-food items contributed increase of 0.05% to the SPI.

Meeting was informed that prices of 23 items remained stable in the last week. Whereas prices of 06 items decreased contributed decline in SPI by 0.17%. The items shown decline included Potatoes by 0.05%, Onions by 0.03%, Eggs by 0.04% and other by 0.05%. While prices of 22 items increased that contributed increase in SPI by 1.52% which included Tomatoes by 0.97%, Chicken by 0.40%, Garlic by 0.02% and others by 0.13%. NPMC was informed that Potatoes, Onions, Eggs, Sugar, Moog Pulse, Mash Pulse have shown decline in the prices during the last week.

NPMC also discussed sugar prices in the country and was apprised that a slight decrease in the sugar prices have been witnessed in the last week. Further, the Chair directed Ministry of Industries and Production to expedite the process for building strategic reserves of sugar in the country to maintain stability in prices.

Prices of Edible oil were also discussed in the meeting. Secretary Ministry of Industries and Production updated the meeting on strategy to ensure fair prices of edible oil in market in coordination with provincial authorities against the edible oil manufacturers for undue price escalation. The Chair further directed Ministry of Industries and Production to work out pattern of demand and supply of different verities & brands of edible oil and take corrective measures to control undue price hike.

In his concluding remarks, the Finance Minister underscored the efforts being made for keeping the prices of essential items in check and measures to ensure smooth supply of essential commodities throughout the country.