ISLAMABAD: Finance Minister Shaukat Tarin asked the Ministry of Commerce to expedite the process of imposing a ban on the export of perishable commodities to control prices in domestic market amid fears of further spike in food inflation in Pakistan due to hike in the international markets.
Chairing the National Price Monitoring Committee (NPMC) meeting at the Finance Division, Tarin directed the commerce ministry to expedite the process in consultation with the Ministry of National Food Security and Research.
The meeting was held a day after Economic Advisory wing of the Finance Ministry warned about second round of inflation.
Pakistan perishable exports include all kinds of vegetables including onion, potatoes, tomatoes, fruits and meats including beef and chicken, and fish.
The secretary Finance briefed the NPMC about decline in weekly SPI by 0.07 per cent. “The rise in global food commodities and petroleum prices due to Covid-19 pandemic has affected the prices of essential food items worldwide. The continuous uptick in international food prices is affecting the domestic prices as Pakistan is a net importer of staple food items namely wheat, sugar, edible oil and pulses,” he added.
While reviewing prices of essential commodities, the NPMC noted that current hike in international prices of food commodities may continue to remain strong in the months to follow due to global supply bottlenecks.
An official announcement of the Finance Division said the decision has been taken in view of seasonal variations as well as rapidly evolving situation in Afghanistan.
The finance ministry report stated that yearly inflation in September is likely to end up in between 7.5pc to 8.4pc.
The Pakistan Bureau of Statistics (PBS) gave a detailed presentation about collection of prices across different cities to compile weekly SPI. The NPMC directed to hold consultative sessions with provinces to sort out issues in effective coverage of markets to ensure data collected by PBS reflects the prevailing trend of prices of the items of daily use including Saasta Sahulat Baazars for extensive and accurate calculation.
While taking stock of the situation, Tarin expressed satisfaction over the release of wheat by the provincial government of Punjab at the government specified rate, noting that this was easing out the price of wheat flour bags in the province.
Furthermore, the finance minister directed the provincial chief secretaries of Sindh, Balochistan and Khyber Pakhtunkhwa (KP) to expedite the process for releasing wheat at the price determined by the government after fulfilling requisite formalities. He reiterated the firm commitment of the government to ensure smooth supply of wheat flour across the country at government specified price.
