KARACHI: Finance Minister Muhammad Aurangzeb on Thursday said stabilizing prices and shielding low-income families from rising costs remained the government’s top priority, as Pakistan struggles with inflationary pressures compounded by recent flood damage to crops.

Punjab, home to more than half of Pakistan’s 240 million people and its main farming belt, has been devastated since late August when record monsoon rains swelled the Ravi, Chenab and Sutlej rivers simultaneously in a historic first. Punjab officials say 79 people have died and nearly two million acres of farmland submerged in the province’s worst flooding in four decades.

Now, as the floodwaters move south into Sindh, the country’s second-largest agricultural province, there are growing concerns for its key crops of cotton, rice and sugarcane, which form the backbone of Pakistan’s textile and food industries.

Economists and traders have warned the floods may elevate food and overall inflation in the coming months due to crop losses and supply chain disruptions.

“Controlling inflation and ensuring price stability remain among the top priorities of the government, especially to safeguard vulnerable and low-income households, including those affected by recent floods,” Aurangzeb said in a statement after the second meeting of the Steering Committee on Inflationary Trends, set up by the prime minister to monitor weekly inflation and coordinate policy responses.

The committee reviewed supplies of essential food items and initial crop damage assessments from this season’s heavy monsoon rains.

Officials noted that wheat stocks were sufficient, while early estimates suggested damage to rice and sugarcane crops was manageable. The minister stressed strict monitoring to prevent speculation and artificial price hikes in key staples such as wheat, sugar, edible oil and vegetables.

The committee also discussed preparations for the upcoming sowing season, emphasizing the timely availability of seeds and other inputs. Aurangzeb directed agencies including the National Disaster Management Authority and Pakistan Bureau of Statistics to work with provincial governments to complete accurate crop damage assessments.

The minister said the committee would meet again next week to track progress and decide further measures.