Minister Iqbal Leads Efforts to Stabilize Prices

The recent meeting of the National Price Monitoring Committee revealed a noteworthy decrease in inflation rates in Pakistan. Chaired by Federal Minister for Planning, Development, and Reforms, Prof. Ahsan Iqbal, the committee discussed the successful reduction of inflation from 18.5% to 12.2% over the past year, despite facing global economic pressures. The primary focus of the meeting was to emphasize the importance of regular monitoring to stabilize market prices and ensure the affordability of essential goods for the public.

One of the key points highlighted during the meeting was the difference in prices between items sold at Utility Stores and those available in the open market, which was attributed to government subsidies. Minister Iqbal stressed the necessity of continuous monitoring of price trends in neighboring countries and during peak demand periods such as Eids and Ramadan. He called for the implementation of robust mechanisms to stabilize prices and manage product storage effectively to prevent any disruptions in the market.

To address potential price fluctuations during Ramadan, Minister Iqbal underscored the importance of efficient stock management and instructed officials to rectify any discrepancies between wholesale and retail prices. The meeting also emphasized the adoption of anticipatory governance as a strategy to mitigate market shocks, with a strong focus on combating hoarding practices that can disrupt price mechanisms and lead to inflation.

In a bid to enhance price monitoring efforts, the Pakistan Bureau of Statistics introduced a Decision Support System following the 7th Digital Census. This system provides weekly updates through the Sensitive Price Index (SPI) on the prices of essential goods across the country, covering 51 items from 50 markets in 17 cities. Minister Iqbal directed district officials to utilize this system for monitoring and ensuring price compliance, with strict accountability measures in place to address any negligence that may result in price fluctuations.

The National Price Monitoring Committee's recent meeting highlighted the significant progress made in reducing inflation rates and ensuring price stability in Pakistan. With a focus on continuous monitoring, efficient stock management, and anticipatory governance, the committee aims to combat market disruptions and promote affordability for essential goods. The introduction of the Decision Support System by the Pakistan Bureau of Statistics further enhances price monitoring efforts, signaling a proactive approach towards maintaining price compliance and accountability.