ECC struggles to lower prices of essentials

The Cabinet’s Economic Coordination Committee (ECC) has asked the Pakistan Bureau of Statistics (PBS) and the Ministry of Planning, Development, and Special Initiatives (M/o PD&SI) to propose viable methods to reduce the costs of necessary products.

The Ministry of Planning, Development, and Special Initiatives updated the ECC on the price statistics of necessary and non-essential food goods on May 8, 2023. It was stated that the Sensitive Price Indicator (SPI) was calculated on a weekly basis to analyse the price movement of vital commodities at shorter time intervals in order to review the country’s price condition.

SPI was said to consist of 51 key products gathered from 50 markets in 17 cities across the country. SPI climbed by more than 1.05 percent over the previous week and 48.35 percent over the previous year in the week ending May 4, 2023. During the week, the prices of 30 products rose, 9 items fell, and 12 things were steady.

SPI inflation up 0.27pc WoW

The forum was briefed on the current state of the Consumer Price Index (CPI). It was noted that the country’s inflation rate had risen significantly.

The Pakistan Bureau of Statistics (PBS) has proposed ways to reduce inflation in the country. It was proposed that the National Price Monitoring Committee (NPMC) meet on a regular basis to assess the pricing of key commodities in the country. Furthermore, strict oversight of the Committee’s decisions is essential to ensure their execution.

It was reported that the Punjab government had designated over 300 “Sasta Bazaar” areas for effective monitoring of basic commodities.

Following a detailed discussion of the summary presented by M/o PD&SI/ PBS titled “Price statistics of essential and non-essential food items,” the ECC directed that, following consultations with all parties involved, make a detailed presentation to the ECC on price hikes or essential commodities, including reasons and viable measures required to lower the prices of the essential items.

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