Provincial Authorities Take Swift Action to Tackle Surging Food Prices
The surge in SPI was attributed to the escalation in prices of perishable items such as tomatoes, onions, and poultry products like chicken and eggs.
Karobar
Responding to the escalating costs of food items nationwide, the Food and Industries Departments of Punjab, Sindh, and KP have initiated stringent monitoring measures, enforcing robust penalties, conducting raids, and sealing establishments engaging in price manipulation.
In a recent press release, the Caretaker Minister for Planning Development and Special Initiatives, Muhammad Sami Saeed, chaired a meeting of the National Price Monitoring Committee (NPMC) on Tuesday to assess the prices of essential commodities.
The Chief Statistician PBS presented an overview of the price situation in the country for the week ending on January 11, 2024. The report highlighted a 1.4% week-on-week increase in the Sensitive Price Indicator (SPI) and a substantial 44.2% increase compared to the corresponding week of the previous year.
Throughout the week, prices of 21 items rose, 8 items experienced a decline, and prices of 22 items remained stable. Noteworthy decreases were observed in the prices of food items like potatoes, vegetable ghee, and sugar.
Conversely, the prices of tomatoes, onions, chicken, eggs, and electricity witnessed an upward trend during the reference week.
Concerned about the gap between wholesale and retail prices, the Chair inquired about the measures implemented by provincial governments and the ICT. Representatives from the provincial Food and Industries Departments of Punjab, Sindh, and KP assured that they have enforced strict price monitoring, incorporating heavy fines, raids, and the sealing of outlets engaged in overpricing.
Despite challenges in the supply chain of perishable items due to extreme weather conditions, the issue of climate change was emphasized. The Punjab administration is actively addressing the situation by sensitizing Deputy Commissioners across the province to regulate prices.
The Minister urged the PBS to provide a comprehensive report on the effective utilization of the Decision Support System on Inflation (DSSI) by Provincial/District Authorities for monitoring prices and combating profiteering and hoarding.
Additionally, the Minister directed the Ministry of NFS&R to engage with the Pakistan Poultry Association to identify and resolve supply issues related to poultry products.
In preparation for the upcoming Ramadan, the Minister emphasized the need for provincial governments and the ICT administration to ensure the smooth availability of essential items. He requested a detailed report on the demand and supply situation of specific commodities used during Ramadan, anticipating a proactive approach to addressing potential challenges.
