- Home
- Business
- News
- National Price Monitoring Committee stresses provinces to ensure strict price monitoring
National Price Monitoring Committee Stresses Provinces To Ensure Strict Price Monitoring
Fakhir Rizvi Published October 18, 2018 | 12:04 AM
The National Price Monitoring Committee on Wednesday stressed the provincial governments to ensure strict price monitoring and remain vigilant that no supply disruption of commodities in the markets takes place.
ISLAMABAD, (UrduPoint / Pakistan Point News - 17th Oct, 2018 ) :The National Price Monitoring Committee on Wednesday stressed the provincial governments to ensure strict price monitoring and remain vigilant that no supply disruption of commodities in the markets takes place.
The meeting of the committee was held here under the chairmanship of Special Secretary Finance Noor Ahmed.
The chairman informed the forum that there is a lot of flux that characterizes the world economy at present, emerging markets are facing uncertainty, their currencies have devalued significantly, and crude oil price has crossed $85 barrel and are estimated to hit $90, said a press release.
The meeting was informed that Consumer Price Index (CPI) increased by 5.60 percent during Jul-September FY 2019 compared to 3.39 percent of the same period last year.
The Core inflation increased by 8.0 percent in September 2018 as compared to 5.4 percent in the comparable month of last year. The trend is alarming and signals rising inflation in coming months.
The committee observed the rising Sensitive Price Index (SPI) trend over the last six weeks. The Weekly SPI which monitors the price movement of 53 essential items recorded an increase of 3.65 percent on October 11, 2018. The significant impact came from increase in gas prices by 15.45 percent over previous week.
The meeting also reviewed the prices of essential items in sasta bazaars and open markets and noted that the prices are significantly lower in sasta bazaars as compared to open markets.
The chair emphasized that in case if the provincial governments and other stakeholders see any shortage of essential consumer items they should immediately report to the NPMC committee so that the federal government takes appropriate measures.
He also asked the Competition Commission of Pakistan to remain vigilant that no cartelization takes place.
In view of difficult times ahead the meeting decided as under:- The provincial governments will fully activate price monitoring and control mechanism at district level and below to ensure price stability.
The provincial governments and federal government will ensure adequate supply of commodities to avoid supply disruption and consequent price hike.
The district government will launch a campaign as and when necessary to stop hoarding of commodities for price manipulation.
In case of any expected shortfall in production of agriculture commodities, the relevant forum will be intimated for taking necessary action.
The provinces should focus on oilseed crops and pulses cultivation to reduce the import bill.
It was also emphasized that provincial governments and ICT administration to extend the coverage of sasta/itwar bazaars so that common man may get the commodities at reasonable price.
The meeting was attended by the representatives from the Provinces of Punjab, Sindh, Khyber Pakhthunkhwa, Balochistan, Islamabad Capital Territory, Ministries of Industries, Law and Justice, Commerce, National food Security and Research, Planning Development and Reforms, Inter ProvincialCoordination, Statistics Division, Competition Commission of Pakistan (CCP), Pakistan Bureau of Statistics, Utility Stores Corporation and Federal board of Revenue.
Related Topics
Recent Stories
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 26 April 2024
Today Gold Rate in Pakistan 26 April 2024
ICC Womens T20 World Cup Qualifier, Match 2: Ireland Women open with Comfortable ..
Robinson, bowlers help New Zealand go 2-1 up against Pakistan
Shahzeb Chachar to hold khuli kachehri on April 26
Heatwave amid Israel's aggression in Gaza brings new misery, disease risk
Tourism must change, mayor says as Venice launches entry fee
Court adjourns Judicial Complex attack case till May 17
Nasreen Noori’s book ‘Popatan Jahra Khwab’ launched
Wafaqi Mohtasib inspection team visits Excise and taxation office
AJLAC announces 5th Conference titled ‘People’s Mandate: Safeguarding Civil ..
Pak-US officials engage to enhance trade, investment ties
More Stories From Business
-
Exchange rates for currency notes
22 minutes ago -
Foreign exchange rates
52 minutes ago -
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 26 April 2024
1 hour ago -
Today Gold Rate in Pakistan 26 April 2024
2 hours ago -
Chinese minister felicitates Ahsan Iqbal on reappointment as Planning minister
11 hours ago -
Pak-US officials engage to enhance trade, investment ties
12 hours ago
-
Stocks fall as tech shares sink, US economy slows
12 hours ago -
Higher taxes, awareness help decrease cigarettes sale in Pakistan
13 hours ago -
Ahsan Iqbal chairs CPEC JWGs, 13th JCC review-meeting
13 hours ago -
Industries Minister recommends urea fertilizer import to stabilize prices and supply
13 hours ago -
Honda announces US$11 bn EV battery and vehicle plant in Canada
13 hours ago -
Zhao Shirin calls on Punjab Industries Minister
14 hours ago