The National Price Monitoring Committee meeting was held here on Thursday with Senator Mohammad Ishaq Dar, Minister for Finance in the chair.
The forum observed that despite floods the perishable and non-perishable items had seen stability in prices. Inflation remained low in FY 15 and this trend is continuing in FY 16, as July and August witnessed lowest rate of inflation in 12 years.
The meeting reviewed the trend of inflationary indicators including the Consumer Price Index (CPI), Food, Non-Food, Core, Wholesale Price index (WPI) and Sensitive Price Index (SPI). CPI head line inflation increased by 1.7% on year-on-year basis in August 2015 as compared to 1.8% in the previous month and 7.0% in August 2014. Core inflation, measured by non-food non-energy CPI (Core NFNE) increased by 4.0% on Year on Year basis in August 2015 as compared to 4.1% in the previous month and 7.9% in August 2014.
The meeting noted the rising trend in prices of pulses, particularly gram pulse, garlic, meat, mutton and milk and discussed measures to control the prices of these items.
The Minister directed Ministry Food Security and Research, Ministry of industries as well as Competition Commission to immediately propose necessary measures for ensuring increased supplies of such items which witnessed increase in prices.
The Competition Commission of Pakistan presented an update on its work related to mechanism for the pricing of essential items in order to protect consumers from anti competitive behavior.
The Minister appreciated the base work done by Competitive Commission of Pakistan and discussed that the document and findings should be shared with the provinces and other stakeholders and final recommendations and implementation plan should then be submitted for approval.
The meeting was attended by the representatives from the Provinces of Punjab, Sindh, Khyber Pakhthunkhwa, Islamabad Capital Territory, and Ministries of Industries, Law and Justice, Commerce, Food & Security, Interior, Inter Provincial Coordination, Cabinet, Competition Commission of Pakistan, Pakistan Bureau of Statistics, Federal Board of Revenue and Utility Stores Corporation.