Summary The meeting further reviewed the potential impact of LPG, essential commodities, global crude oil prices, soybean oil, rice, wheat, sugar and fertiliser and urea prices on the domestic market.
ISLAMABAD (Dunya News) - Pakistan’s inflation rate fell by around two percentage points to 9.2 percent in July from 11.1 percent, the National Price Monitoring Committee (NPMC) was informed on Friday.
The meeting of the NPMC, chaired by Federal Minister for Planning Ahsan Iqbal, reviewed the country’s inflation situation, prices of essential commodities and the quality of food products.
Officials told the meeting that the decline in inflation was mainly supported by lower prices of sugar, potatoes and chicken. However, higher gas tariffs remained the biggest factor driving inflation, while increases in wheat, flour, fresh milk and petrol prices also contributed to price pressures.
The meeting was also briefed on the quality of packaged food products. Laboratory testing of 491 samples of edible oil, ghee and milk found 176 samples, or 36 percent, failed to meet national quality standards.
Of 204 samples of vanaspati ghee tested, 98 were found substandard. Similarly, 40 out of 146 blended cooking oil samples, 26 out of 104 packaged milk samples and eight out of 18 milk powder samples failed to meet required standards.
Three out of four refined palm oil samples were also declared substandard, while one of 13 refined canola oil samples failed the quality test.
Ahsan Iqbal directed authorities to conduct a nationwide survey of loose ghee, edible oil and milk, warning that substandard food products posed a serious threat to public health.
The minister also ordered an investigation into significant differences between wholesale and retail prices in various cities. District administrations were directed to identify the causes of market distortions and ensure essential commodities were available to consumers at fair and reasonable prices.
The meeting further reviewed the potential impact of LPG, essential commodities, global crude oil prices, soybean oil, rice, wheat, sugar and fertiliser and urea prices on the domestic market.
