Pak govt considers setting up national food authority to monitor inflation
May 20, 2021
Islamabad [Pakistan], May 20 : In order to monitor inflation, the Imran Khan government is considering setting up a national food authority as Pakistan has been under lot of stress due to rising food prices.
Replicating the models of the USA, UK, Australia, and India, the government is thinking of different options, including the establishment of the Pakistan Food Authority (PFA), to monitor rising inflation, reported Pakistan Today.
The hike in prices of petroleum products over the past few months, followed by an increase in electricity and gas tariffs, food prices (wheat flour, sugar) has fuelled inflation.
Presently, the government of Pakistan does not have a regulatory authority for food control.
Citing The News International, Pakistan Today reported that the authorities are considering different proposals of which one is the establishment of a national regulator to have one food market and one law.
The report also highlighted that globally, food standards are regulated by the Food and Agriculture Organization/World Health Organization (FAO/WHO) Codex Alimentarius (Codex).
The Codex is a collection of internationally adopted food standards that is managed by a Commission comprised of 187-member states, including Pakistan.
The Codex provides member states with the opportunity to collectively develop international food standards and provides member states with standards that can form the basis of national food standards.
In 1995, Codex became the WTO standard for which the international trade in food would be regulated.
Since the recognition of Codex as the international standard for food and the trade in food, most countries of the world have established a national regulatory authority for food that oversees national food control systems, reported Pakistan Today.
Earlier, opposition parties in Pakistan had protested against the government's failure to control inflation.
Inflation in Pakistan skyrocketed to over 11 per cent amid a surge in food prices amid the Ministry of Finance's failure to give a realistic and professional assessment of the increasing prices in its monthly reports.
The Consumer Price Index jumped to 11.1 per cent in April over the same month a year ago. It was the highest rate of inflation in the past 13 months. In February 2020, inflation had jumped to 12.4 per cent, reported The Express Tribune.
The inflation rate is significantly higher than 8 to 9.5 per cent projection given by the Ministry of Finance four days ago in its monthly bulletin.
