Price Monitoring Committee takes note of inflation trends


The National Price Monitoring Committee, on Thursday, took notice of higher prices of beef and mutton in the country, especially in Islamabad and emphasized on the control of livestock smuggling to neighboring countries.
The meeting was held under the chairmanship of Secretary Finance, Abdul Wajid Rana to review trends of prices of selected items in the country.
Committee members were informed that the country’s population growth rate was 2.03 percent whereas animal growth rate was 3.7 percent. The country therefore had surplus animals for export.
A subcommittee was proposed to analyze the demand and supply of livestock and to come up with findings and measures to control the prices of livestock and its products.
The meeting reviewed the Consumer Price Index (CPI), Food, Non-Food, Core, Wholesale Price index (WPI) and Sensitive Price Index (SPI). It was noted that as a result of continuous efforts of the government, CPI had been lowered to 8.8 percent during September 2012 and the government had succeeded in containing inflation to a single digit.
SPI and WPI were also registered at 7.5 percent and 7.8 percent respectively. The first quarter of the current fiscal year CFY13 posted single digit inflation at 9.1 percent compared to 11.5 percent in the corresponding period last year. All indicators of inflation reported single digits during July-Sept.
The Food and Non food items which registered a nominal increase in prices were rice basmati 0.43%, red chilies 0.31%, beef 0.17% and wheat 0.09% while prices of petrol and eggs increased by 1.72% and 1.28%.
Other items which registered a decrease in prices are garlic 1.75%, sugar 1.31%, Kerosene oil 1.24%, chicken 1.05%, vegetable ghee 1.04%, gram pulse 0.46%, diesel 0.37%, LPG 0.37%, masoor pulse 0.15%, mash pulse 0.13% and moong pulse 0.08%.
It was also observed that in comparison with regional countries, Pakistan had posted the lowest prices of wheat, wheat flour, rice, sugar, red chillies, chicken and second lowest in moong pulse, masoor pulse and beef. However prices of mash pulses, onions, tomatoes, potatoes, diesel, tea, edible oil, DAP and Urea were higher in Pakistan.
The Ministry of Industries was advised to check price movement and ensure that relief be transferred to the consumer. The rising trend in the price of tea was also noted and concerned quarters were advised to take necessary measures to control these prices.