NPMC sees rising international prices as a cause of inflation

The National Price Monitoring Committee (NPMC) on Monday observed that major driver behind increase in prices of items of daily use was massive international price hike due to ongoing COVID-19 crisis.

The NPMC meeting was held here under the chairmanship of Finance Minister, according to press statement issued by the Finance Ministry.

Among others was attended by Federal Minister for National Food Security and Research(NFS&R), Syed Fakhar Imam; Adviser to the PM on Commerce, Abdul Razak Dawood; SAPM on Finance and Revenue, Dr. Waqar Masood, Secretary Finance Division, Secretary Ministry of NFS&R, Chief Secretaries of the Provincial Governments, Member PBS, MD Utility Stores Corporation, Chairperson CCP and other senior officers of various Ministries participated in the meeting.

While reviewing the price trend of basic commodities in international markets the MPMC observed that the Year-on-Year comparative analysis indicated that price of crude oil increased by 178% in April 2021 as compared to April 2020.

Similarly, the prices of sugar in international market increased by 57% on year-on-year comparison while that of palm oil, soyabeen oil and wheat also registered a continued upward trend which, in turn, led to sharp increase in prices of basic items in domestic markets.

Speaking on the occasion, the Finance Minister stated that COVID-19 crisis has fueled food prices in international markets especially edible oil, sugar, tea and wheat.

The government, he said, was making an all-out effort to ensure smooth supply of basic items through a network of Ramadan Sahaulat/Saasta Bazaars and chain of USCs outlets to ease shortages and mitigate price spike in domestic and local markets.

Earlier, the NPMC reviewed the price trend of essential commodities especially wheat flour, sugar, edible oil/ghee, pulses and chicken during the last week.

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