NPMC informed about decline in weekly SPI by 0.10%

ISLAMABAD: Economic Adviser briefed the NPMC about decline in weekly SPI by 0.10% during the week under review. This is a consecutive decline in weekly SPI over the last two weeks.

Prices of 10 items witnessed decline including perishable commodities namely tomatoes, onions, Moong and Mash pulses while 21 items remained stable during the week. The downward trend in weekly SPI reflects the outcome of the recent steps taken by the Federal and Provincial governments and departments concerned. Moreover, the CPI is also depicting a downward trend in the first quarter of FY2021-22 to 8.58% as compared to 8.84% in corresponding period last year.

While reviewing prices of wheat flour bag, the Finance Minister commended the Provincial government of Punjab and Islamabad Capital Territory (ICT) administration for daily release of wheat at Government’s specified price which has eased pressure on prices of wheat flour.

The Finance Minister took strict notice of the prices prevailing in Sindh and Baluchistan and urged their respective Provincial Chief Secretaries to initiate daily release of wheat for stabilizing prices of wheat flour bags. At present, the price differential is clearly visible in the prices between Punjab and rest of the Provinces. The NPMC stressed upon the need to ensure smooth supply of wheat at government notified price throughout the country. The Secretary, M/o NFS and R briefed the NPMC about sufficient availability of stock of wheat in the Government sector till the arrival of the new crop.

The NPMC reviewed the price trend in global markets and it was decided that a minimum impact will be passed on to the consumers. Finance Division further briefed the Committee about increasing price trend of food commodities in international markets. While taking stock of the situation, the Finance Minister directed the M/o Industries and Production and FBR to accelerate the process for providing relief to the consumers in prices of edible oil through concession in duty. Secretary, M/o Industries and Production updated the NPMC about opening the tender for importing 50,000 MT of Sugar today.

He further apprised about the progress over provision of sugar at Government’s fixed price through a network of Sahulat Sasta Bazars, Utility Stores etc. The Finance Minister expressed satisfaction over availability of sufficient stocks of wheat and sugar which will help stabilizing prices.

Over all, the prices of tomatoes and onions witnessed a downward trend during the week. The NPMC has directed the M/o Commerce to present a well-rounded proposal before the upcoming ECC, related to the export of onions. Among others, Federal Minister for Industries and Production Mr. Khusro Bakhtiar, Federal Minister for National Food Security and Research Syed Fakhar Imam, Adviser to the PM on Commerce Abdul Razzak Dawood, SAPM on Political Communication Dr. Shahbaz Gill, Secretary M/o NFS and R, Secretary M/o Industries and Production, Joint Secretary M/o Commerce, Chief Statistician Dr. Naeem-uz-Zafar, Chief Commissioner ICT, Member (Policy) FBR, Member PBS and other senior officers participated in the meeting.

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