The National Price Monitoring (NPM) Committee meeting on Thursday revealed significant inflation decline from 18.5% to 12.2% over the Past Year.
In the National Price Monitoring Committee meeting a significant reduction in inflation over the past year was reported.
Federal Minister for Planning, Development and Reforms , Prof. Ahsan Iqbal chaired a meeting of the National Price Monitoring Committee held today in Islamabad, said a press release issued here on.
The meeting witnessed the attendance of Member-Support Services, Joint Chief Economist, AC Islamabad, senior officials from the Line Ministries and Planning Ministry, representatives from Provincial Governments, and the Senior General Manager of Utility Stores.
The inflation rate decreased from 18.5% in June 2023 to 12.2% in the current year, marking a notable downward trend, despite global inflationary pressures, Pakistan has managed to reduce its inflation rate, although the prices of imported items have seen an increase.
In his opening remarks, Planning Minister Ahsan Iqbal directed that the National Price Monitoring Committee be convened monthly to establish a rigorous monitoring mechanism aimed at controlling market prices.
The Minister emphasized the importance of maintaining vigilant oversight to stabilize the prices of essential commodities across the country.
The meeting highlighted the substantial price difference between various edible items available at Utility Stores and those in the open market, attributed to government subsidies intended to facilitate the public at large.
The Minister instructed that price behavior in regional countries be closely monitored. He highlighted the necessity of being aware of demand and supply dynamics during special occasions such as Eids and Ramadan to ensure price stability. He called for the establishment of robust mechanisms for price stabilization and storage of products, noting the recurring nature of price acceleration behaviors.
To minimize price variance during the upcoming Ramadan, the Minister directed effective stock management. He also instructed Deputy Commissioners to scrutinize discrepancies between wholesale and retail prices and to intensify price enforcement activities to regulate market prices.