ISLAMABAD - The National Price Monitoring Committee (NPMC) on Friday noted that economic indicators showed satisfactory performance during the first seven months (July-January) of the ongoing financial year 2011-12.

National Price Monitoring Committee (NPMC) headed by the Secretary Finance Abdul Wajid Rana, along with the representatives of provincial departments and concerned Federal Ministries/ Agencies has observed that Consumer Price Index, which shows the general price trend in the country, recorded at 10.1 per cent during January 2012. Similarly food and non-food inflation are recorded at 9.3 per cent and 10.6 per cent respectively, while Wholesale Price Index and Sensitive Price Index stood at 8.7 per cent and 6.8 per cent respectively.

The meeting reviewed the price and supply situation of 28 selected items of the daily need. Out of 53 items, prices of 16 items increased and prices of 11 items decreased while prices of 26 items remained unchanged.  During January 2012, an increase in the prices of wheat, rice irri 6, vegetable ghee (loose), milk fresh, onion, beef, mutton, eggs, chicken and LPG was noted, while prices of sugar, potatoes, red chilly powder, tomato, garlic, gram pulse, masoor pulses and rice basmati (broken) etc. decreased.

Global trend of the prices of commodities during January showed a mixed trend as compared to January 2010, such as sugar prices decrease by 20.4 per cent, palm oil deceased by 17 per cent, wheat 15.8 per cent, Tea 12.4 per cent, DAP 11 per cent and urea 1.5 per cent whereas prices of crude oil increased by 15.4 per cent and rice 27.8 per cent.

Large Scale Manufacturing (LSM) sector posted a growth of 0.83 per cent during July-December 2011, as compared to negative growth of 1.8 per cent in the comparable period of last year. An increase in the production of pharmaceuticals items, Leather products, food & beverages, tobacco, non-metalic mineral products, paper & board, textile was noted while production of iron & steel, rubber products, automobile and chemicals decreased.

The exports during the period July-January 2011-12 is recorded at $14.10 billion as compared to $13.15 billion during the same period last year, which shows an increase of 7.2 per cent. The exports of textile items, food items and manufactured items have been increased. Imports during the period July-January 2011-12 recorded at $23.16 billion as compared to $19.68 billion during the same period of last year. The major group of import remained petroleum, transport, agriculture and other chemicals and metals.

The workers’ remittances during July-January 2011-12 recorded at $7.436 billion as against $6.118 billion in the comparable period of last year showing an increase of 21.5 percent. The remittances from Saudi Arabia recorded a massive growth of 48.4 percent, followed by UK 27.4 percent, other GCC countries 17.2 percent, USA 15.9 percent and UAE 14.4 percent during the period under review. Average monthly remittances reveals that during the period July-January 2011-12 remittances stood at $1062.3 million compared to $874.0 million during the corresponding period of last year.

FBR tax collections during July-January 2011-12 stood at Rs 970.8 billion as compared to Rs 770.1 billion in the same period last year showing an increase of 26.1 per cent.