ISLAMABAD, Sept 12: The Senate Standing Committee on Finance, Revenue and Economic Affairs on Monday took up the issue of price hike and discussed the report of the Taskforce on ‘Review of the Stock Market in March 2005’.

A meeting was held in the Parliament House which was presided over by the committee chairman, Senator Ahmad Ali.

The committee members were of the view that prices of daily-use items had gone up making life of the common man and the working class miserable and it was affecting the very fabric of the society.

It observed that immediate steps should be taken to control inflation and stabilize prices of essential commodities.

Dr Ashfaq Ahmad, adviser, finance ministry, informed the committee of the causes of inflation. He said during the last three years strong economic growth was observed which ultimately gave a boost to the purchasing power of the people and increased the demand of various commodities which resulted in price hike.

He said the government was making efforts to fill demand and supply gaps, and policies were chalked out to provide relief to the common man.

Securities and Exchange Commission of Pakistan (SECP) Chairman Dr Tariq Hassan also briefed the committee about the review of the stock market situation in March 2005.

The committee members raised inquisitive queries and directed the SECP chairman to provide relevant details for further consideration so that the committee could take appropriate steps.

The meeting was also attended by senators Nisar Ahmad Memon and Nighat Agha.