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Finance Minister directs expedited probe into undue profit margin in food commodities

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Feb 02, 2022: Federal Minister for Finance and Revenue Shaukat Tarin on Wednesday directed the Ministry of National Food Security and Research (NFS&R) and provincial governments to expedite investigation into the undue profit margin in perishable commodities, specially onions, tomatoes and potatoes.

Chairing the meeting of National Price Monitoring Committee (NPMC) here, the minister also directed for controlling price hike in these items, according to a Finance Ministry press release.

The minister also directed the Ministry of Industries and Production to expedite the process for building strategic reserves of sugar in the country to maintain stability in its prices in future.

Tarin appreciated the efforts of the governments of the Punjab, Khyber Pakhtunkhhwa and Balochistan, and Islamabad administration in providing key items at discounted prices through arranging Sastaa Bazaars.

He further directed to establish such bazaars in more cities to provide maximum relief to the people.

The minister also highlighted the efforts being made for keeping the prices of essential items in check and measures to ensure their smooth supply throughout the country.

Considering available stock position, consumption and future requirement of wheat, the minister directed the Ministry of NFS&R to formulate a strategy for its smooth supply future.

Earlier, the Economic Adviser Finance Division briefed the NPMC about weekly Sensitive Price Indicator (SPI), which witnessed decrease by 0.11% as compared to decline of 0.06% in the previous week. About 33 food items contributed decrease of 0.05% and 18 non-food items that of 0.06% to the SPI.

The NPMC was informed that the prices of 26 items remained stable whereas those of eight items decreased and contributed decline in SPI by 0.47% in the last week.

A continuous decrease in the SPI had been witnessed during the last three weeks, it was told.

The NPMC was also briefed on the Consumer Price Index (CPI) Inflation, which showed slight increase of 0.25 % in non-perishable food items and decrease of 5.22% in perishable food items on month-on-month basis. Commodities like households, transportation, restaurant, energy items and hotel services registered increase in the prices on year-on-wear basis.

On the prices of edible oil in the country, the Secretary Ministry of I&P informed the meeting that an appropriate strategy was being chalked out against the edible oil manufacturers to address the issue of charging higher prices from domestic consumers relative to prices in the international market.

The meeting also discussed fertilizer situation in the country and directed the Ministry of NFS&R to formulate a strategy in consultation with provincial governments for giving adequate relief to the growers.

It also discussed the prices of daily commodities available at the Utility Stores and directed the Utility Stores Corporation to inform the masses on any variations in the prices and availability of commodities well in time.

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Posted on: 2022-02-02T21:31:47+05:00

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