‘CCP’s actions against unfair practices to bring relief’

ISLAMABAD: Active actions of the Competition Commission of Pakistan (CCP) against unfair practices in the markets will bring maximum relief to the common man, finance minister said on Tuesday.

Minister for Finance and Revenue Shaukat Tarin directed the Utility Stores Corporation to proactively make arrangement for provision of smooth supply of all essential items in the country to control prices of essential items.

The meeting was briefed on the intervention of the Utility Stores Corporation in mitigating the inflationary pressure. “It will help to ease out the life of common man in the country,” Tarin said during a meeting of the National Price Monitoring Committee (NPMC).

The finance minister directed the capital administration to control the prices of essential items in the federal capital and present a detailed report on the measures taken in the next week’s meeting.

NPMC observed that the prices are higher in the federal capital. Tarin appreciated the efforts of those who are working towards controlling the prices of essential items and making lives easier for the masses. “It is the most important priority of the current government.”

The minister appreciated the efforts of the provincial governments and federal ministries/organizations for making efforts towards controlling inflation.

The meeting was informed that the weekly sensitive price indicator decreased 0.63 percent on 27t May. The prices of 10 items declined and 29 items remained stable during the week under review. There was only 0.1 percent month-on-month increase in CPI inflation in May. The average (July-May) CPI inflation remained 8.8 percent whereas it was 10.9 percent last year during the same period. During the meeting, the progress on the earlier decisions of the NPMC forum was also reviewed. It was emphasised that the food ministry would assume the primary role in raising the production of essential imported food items including edible oil and pulses.