Deputy Prime Minister Dar orders action against overpricing — The Express Tribune

In Islamabad, Pakistan, Deputy Prime Minister and Foreign Minister Ishaq Dar instructed the relevant authorities to take strict action against hoarding, the creation of artificial shortages and overpricing of essential commodities. He issued the instruction during a meeting of the government committee on essential commodities, The Express Tribune reports.

Stocks and prices

Pakistan's Foreign Ministry said that the committee reviewed available stocks, supply arrangements and prices of essential commodities. Dar was told that stocks were sufficient to meet domestic demand, no shortages were expected, and prices were stabilizing.

The deputy prime minister also instructed authorities to monitor supply chains and commodity prices for the benefit of domestic consumers. The meeting was attended by the ministers of food security and research and climate change, Special Assistant to the Prime Minister Tariq Bajwa, the commerce secretary, and representatives of federal and provincial departments.

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Inflation and rising costs

Pakistan's annual consumer inflation slowed to 10.3% in September from 11.1% in August. At the same time, household costs continued to rise due to higher electricity and fuel prices. During the first quarter of the current fiscal year, average inflation stood at 10.2%, while prices rose by 1.3% in September.

The Sensitive Price Index for the week ending October 8 was 11.97% higher than a year earlier. The price of a 20-kilogram bag of wheat flour increased by 5.69% over the week to 2,851 Pakistani rupees, while a year earlier it cost 2,150 rupees. Onion prices more than doubled over this period, while petrol became 47.52% more expensive year on year.

Problems with flour supplies

The wheat and flour market recorded price increases and supply disruptions despite a substantial harvest. Officials in Punjab province said they had been unable to trace about 4 million tonnes of wheat, which they assumed may have been hoarded. In Khyber Pakhtunkhwa province, flour millers said that restrictions on supplies from Punjab were causing mills to shut down and products to become more expensive.