Mushtaq Ghumman.

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has directed Ministry of National Food Security & Research (MNFS&R) and Ministry of Industries & Production (MoI&P) to submit reports on stock reserves of wheat, sugar and rice and other essential commodities to the ECC at the beginning of every month.

On March 13, 2025, the Economic Advisor, Ministry of Finance briefed the ECC about inflation statistics based on the data collected by Pakistan Bureau of Statistics (PBS).

The forum was informed that inflation had experienced decline on both week-on-week (WoW) basis and month-on-month (MOM) basis during February, 2025. It was further noted that food inflation had even shown negative growth during the month of February.

The forum was apprised that over the last eight months, inflation was 5.9% as compared to 27.9% which was recorded during the corresponding period of the previous year.

It was further stated that Sensitive Price Index (SPI) had also registered negative growth during the first week of Ramadan or in other words prices of commodities had decreased during the week. It was observed that prices of 51 items had decreased during the week whereas wheat flour and rice prices also declined on year-on-year (YoY) basis. The forum noted that decline in the prices of commodities is encouraging as it would provide much needed relief to common man during the month of Ramadan.

During the ensuing discussion, the forum noted that despite decline in international prices of edible oil, the corresponding decrease had not been experienced in the local market. The forum however stressed that the Ministry of Industries & Production should work out, a structural and lasting solution of this issue.

The forum further opined that farmers should be encouraged to cultivate oilseed crops using high yielding seed varieties and taking advantage of shorter crop duration. It was also noted that growers of onion, potato and tomato crops should be incentivised in view of decline in the market prices of those items. It was suggested that the ECC should review the stock reserves of essential commodities to ensure that they are available in sufficient quantities in the local market.

The ECC reiterated its earlier direction that a formal summary shall be moved on this item each time for submission to the ECC fortnightly basis and it was also decided that commodity stock position shall also be reviewed by the ECC on monthly basis.

The ECC directed that the Ministry of National Food Security & Research shall devise and submit a plan on increasing the production of essential crops, including oilseeds, to the ECC for consideration in its next meeting,

The ECC also directed that Planning, Development and Special Initiative Division that National Price Monitoring Committee shall, in consultation with the provinces, present status of prices of sugar before the ECC in its next meeting.

The ECC further directed that Industries and Production Division, given the rising prices trend of vegetable oil, shall present the status of availability and price fluctuation of vegetable oil in the next meeting of the ECC.

The ECC also directed that Ministry of National Food Security & Research should devise strategy to incentivise farmers to keep growing vegetable crops such as onion, potato and tomato for which prices were falling consistently.

Published Date: March 21, 2025