ISLAMABAD, Aug 8: The government is considering formulation of a long-term policy to keep prices of essential food items under control. It was the outcome of the first meeting of the ministerial committee to look into the causes and dynamics of core food inflation headed by Industries Minister Jahangir Khan Tareen on Wednesday.An official announcement issued on Wednesday said that during the first meeting of the committee the causes and dynamics of the food inflation were deliberated in detail and different methods to control the prices were discussed at length.

It was also suggested that provinces might also be involved in these deliberations so that a comprehensive and effective policy could be devised.

A follow-up meeting of the committee would be held on Thursday so that an effective policy to control the food price hike is formulated sooner than later.

The Economic Coordination Committee (ECC) of the cabinet in its meeting held on July 19, decided to constitute a ministerial committee on core food inflation to look into the causes of upward trend in prices of essential food items.

Minister for industries is the chairman while ministers for commerce and food, adviser to the prime minister on finance, deputy chairman Planning Commission, governor State Bank of Pakistan, economic adviser finance division are the members.

The committee is mandated to determine and analyse the causes of price hikes of essential food items, especially wheat, sugar and pulses in spite of good crops and recommend short-term and long-term economic and administrative measures to ensure adequate supply of essential food items for meeting consumers’ requirements and stability in market prices.