NPMC informed: WPI-based inflation jumps 13.3pc YoY
ISLAMABAD: The inflation based on Wholesale Price Index (WPI) jumped 13.3 percent year-on-year, while weekly consumer-price inflation climbed 11.53 percent in the week ended October 1, the National Price Monitoring Committee (NPMC) was informed on Thursday. Major annual increases were recorded in onions, LPG, electricity, diesel, petrol and wheat flour, while chicken, garlic, gram pulse and LPG…
Islamabad was informed on Thursday that the Wholesale Price Index (WPI)-based inflation surged by 13.3 percent year-on-year. The National Price Monitoring Committee (NPMC) also reported that weekly consumer-price inflation rose by 11.53 percent in the week ending October 1. This increase was attributed to major annual hikes in prices of onions, LPG, electricity, diesel, petrol, and wheat flour.
Noteworthy weekly price hikes were observed in chicken, garlic, gram pulses, and LPG. During the NPMC meeting chaired by Planning Minister Ahsan Iqbal, he expressed deep concern over the escalating prices of essential commodities, with wheat flour being a significant worry. Iqbal ordered provincial and district administrations to intensify monitoring of supplies, market arrivals, hoarding, and unjustified price hikes.
He urged authorities to compare current transport fares with those from prior fuel price increases to ascertain if the fuel price hike led to undue fare hikes. Additionally, Iqbal tasked the Ministry of National Food Security and Research with investigating the persistent high prices of DAP fertilizer in Pakistan despite a decline in international levels.
He emphasized that any cost savings from lower international prices should benefit the domestic market. The minister instructed provincial governments to closely watch wholesale and retail prices, taking enforcement action against unjustified discrepancies, especially in key markets like Lahore and Karachi. Close monitoring of supply chains and distribution costs was also mandated to prevent excessive transmission of fuel price increases to essential food items.
Iqbal stressed the need for stronger actions against hoarding, profiteering, and overcharging, ensuring consistent supplies of critical commodities like wheat flour, onions, and other perishables. He directed the Office of the General Registrar of Weights and Measures (OGRA) to implement measures to narrow the gap between the officially notified and the actual market prices of LPG cylinders.
Iqbal underscored that monitoring prices should encompass not just statistical data but also the identification of the causes behind price surges, tackling market irregularities, and ensuring prompt corrective measures to safeguard consumers.
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