ISLAMABAD: In the month of October 2024, non-perishable food items experienced a controlled rise of 1.01 per cent as compared to previous month and a decrease of 1.46 per cent if compared to last year October 2023.
Planning Minister Ahsan Iqbal, Tuesday, chaired a meeting of the National Price Monitoring Committee (NPMC) to deliberate on strategies for price stabilisation and managing the supply-demand dynamics across Pakistan.
Senior officials, including Additional Secretary Planning Kamran Rehman, Economic Advisor Dr Imtiaz Ahmed, Chief Statistician Dr Naeemuz Zafar, Joint Chief Economist, Deputy Commissioner ICT, Deputy Commissioner (MP&FP), and representatives from the Ministry of Food and provincial governments, were present.
NPMC notes significant decline in inflation
The committee reviewed recent inflation data, particularly, in food and essential commodities, using insights from the Pakistan Bureau of Statistics (PBS) on the Consumer Price Index (CPI).
Minister Iqbal emphasised the need for data-driven strategies in price monitoring, advocating for detailed reports on inflation drivers to facilitate targeted interventions. In October 2024, non-perishable food items experienced a controlled rise of 1.01 per cent as compared to previous month and a decrease of 1.46 per cent if compared to last year October 2023.
Major decrease observed in the prices of wheat flour (-34.73 per cent), sugar (-9.15 per cent) and cooking oil (-10.2 per cent).
Overall, the food inflation reflecting high stability in the prices declined from 28.9 per cent in October 2023 to 2.7 per cent in October 2024 in Urban and declined from 28.6 per cent in October 2023 to 0.6 per cent in October 2024 in rural area.
Additionally, the transport sector and fuels category saw a declining trend (-6.13 per cent) due to mainly decline in petrol and diesel (-18.5 per cent) if compared with October last year.
The minister directed that demand and stock availability analyses be proactively conducted for critical periods, especially during Eidul Adha and Ramadan, to mitigate price spikes. He stressed that preparation for these high-demand seasons should anticipate potential supply pressures to prevent market disruptions.
Local market committees were instructed to play an active role in monitoring demand and supply, ensuring adequate availability of essential commodities. Every Deputy Commissioner has been tasked with maintaining oversight of district-level stock levels to avert shortages.
Acknowledging PBS’s capability in providing monthly snapshots of district-level prices, Minister Iqbal urged provincial chief secretaries to conduct regular price evaluations at the district level in collaboration with PBS.
He emphasised the need to avoid duplicated efforts by coordinating closely with PBS for data-driven decisions and effective price control. With recent reductions in fuel prices, the minister underscored the importance of adjusting transport fares to reflect these decreases, ensuring the public benefits from reduced transportation costs across markets.
The committee examined discrepancies between wholesale and retail prices in various regions, with a directive to establish a database for Chief Ministers’ review. This initiative aims to improve transparency, curb profiteering, and bring greater stability to consumer prices at the local level.
Minister Iqbal highlighted the importance of a structured business plan for agriculture, urging the establishment of national production targets to align with domestic needs and export potential. Each crop should have a clear business model with annual targets, mirroring practices in developed countries. Recognising the need for specialised expertise, he recommended appointing a permanent agriculture economist to guide crop planning and economic projections.
Furthermore, he called for enhancing value addition in dairy and agricultural products, particularly in high-potential items such as milk, fish, mangoes, and poultry, aiming to develop Pakistani brands for both domestic and international markets.
Minister Iqbal reiterated the critical role of data analytics in future planning. He urged all provincial and federal units to fully utilise PBS data, enabling informed decisions for price stability and productivity improvements across sectors. Efficient data usage, he noted, is essential to achieving economic resilience and supporting the public amidst inflationary challenges.
Copyright Business Recorder, 2024
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