December 13, 2023 (MLN): The Economic Coordination Committee (ECC) in its meeting today, authorized all provinces to ensure the availability of fertilizer to farmers at notified rates and take stringent actions against fertilizer dealers charging the farmers beyond the prescribed price.
Pakistan Bureau of Statistics, Ministry of Planning, Development and Special Initiatives briefed the ECC on the inflation situation.
The key price indicators were submitted for the information of ECC.
Inflationary expectations are lowest in almost 12 months and exchange rate stability has played an important role in it.
It was conveyed that while inflationary pressures have declined from their peak of 38% in May 2023, they continue to persist.
Recent energy price adjustments have thwarted downward trajectory and inflations spiked in November 2023 to 29.2%.
To recall, the government approved the long-overdue gas price hike on October 31 and the Oil and Gas Regulatory Authority (OGRA) issued a notification regarding the increase in natural gas sale prices and minimum charges on November 08, 2023
Accordingly, the data released by the Pakistan Bureau of Statistics (PBS) on December 01 showed that consumer prices spiked to 29.2% YoY, compared to 26.8% YoY in the last month and 23.8% YoY in November 2022.
The commitee authorized provinces to crack down in order to restrict additional pressure on farmers following the gas price hike.
The Federal Minister for Finance, Revenue, and Economic Affairs, Dr. Shamshad Akhtar presided over a meeting of the along with other government officials.
