Prices of basic food commodities declining, claims NPMC

ISLAMABAD- National Price Monitoring Committee (NPMC) on Monday noted that prices of basic food commodities are showing decline due to the policies of the incumbent government.

Finance Minister Dr Abdul Hafeez Sheikh chaired a meeting of NPMC yesterday. The National Price Monitoring Committee (NPMC) reviewed the availability of essential commodities namely wheat, flour, sugar, tomatoes, onions, vegetable ghee and chicken. The finance secretary apprised NPMC that there has been a consistent decline in prices for the last three weeks. The weekly SPI data showed that prices declined by -0.3 percent in the last week, notably in essential food commodities including sugar, onions, potatoes, rice and pulses. This is due to improved availability of wheat, sugar, and vegetables due to imports by government and private sector.

The chair lauded the efforts of the concerned ministries/departments and the provincial governments for keeping the prices of essential commodities in check. On Saturday, Prime Minister Imran Khan had greeted his team for bringing sugar price down from Rs102/kg to Rs81/kg through a multi-pronged strategy. “MashaAllah sugar is selling at a national average of Rs81 per kg vs. Rs102 per kg a month back. “I want to congratulate my team for bringing the sugar price down through a multi-pronged strategy.”

During the meeting, the finance minister urged the provincial governments to strictly monitor the prices of chicken and ensure smooth supply to minimise the gap in supply and demand. The chair also held a detailed discussion with Secretary MNFS&R, and the provincial chief secretaries regarding position of wheat and sugar stocks in the provinces.

The secretary MNFS&R briefed the NPMC that sufficient stocks of wheat are available across the country. The Azad Jammu & Kashmir (AJ&K) government has demanded additional quantity of wheat which will be fulfilled in time, he assured. The finance minister also approved provision of wheat to USC, and the formal approval would be granted as per the summary moved by the MNFS&R in the next ECC meeting.

Secretary Industries and Production briefed that the slight increase in the price of vegetable ghee is due to spike in international prices. Finance minister directed M/o Industries and Production to look into upward pricing trend in the international market and take necessary steps to minimise its impact on domestic prices, he concluded. 

Minister for Industries and Production Hammad Azhar, SAPM on Revenue Dr Waqar Masood, Secretary MNFS&R, Secretary Industries and Production, the provincial chief secretaries, MD Utility Stores Corporation (USC) and representatives of ICT Administration, PBS, TCP and senior officers of Finance Division participated in the meeting.