August 24, 2022: The National Price Monitoring Committee (NPMC) on Tuesday reviewed prices of essential commodities and directed the relevant stakeholders to maintain close watch on prices of food items and proceed against those who were indulged in hoarding.
The NPMC meeting was chaired by Federal Minister for Planning Development & Special Initiatives Professor Ahsan Iqbal and Minister of State for Finance Dr Aisha Ghaus Pasha. The meeting was attended by the Chief Economist, Chief Statistics Pakistan Bureau of Statistics officer PBS and other relevant stakeholders.
The Minister observed that rising inflation needs to be checked to ease the burden on the common man. In this regard, it was decided that NPMC meeting shall be held on a weekly basis in order to monitor the prices. “Immediate measures need to be taken to control the prices of essential commodities and this is our top priority to provide maximum relief to the common man,” remarked Professor Ahsan Iqbal, while chairing the first meeting of NPMC.
The meeting has informed that major drivers of inflation were global price hike and increase in POL and utilities tariffs due to IMF conditions. Similarly, devaluation of Pakistani rupee also contributed to the inflation. However, hoarding also contributes which require administrative measures by local administration.
The Minister also directed PBS to share its data analysis report in every meeting and to closely monitor the price index and to ensure the projection so a better policy could be made to overcome the future crisis. He also directed the PBS to adopt a practice of regularly comparing the difference in wholesale and retail prices of essential food items in different districts across the country in collaboration with the province and in this regard the Ministry of Food and Industries will be engaged.
