ISLAMABAD: Prime Minister Shehbaz Sharif on Tuesday expressed satisfaction over reduction in price hike which is now clocked in at the lowest 6.9 percent compared to the runaway digits in last 44 months.
Sharif commended the government’s economic team for capping the headline inflation, clocked in at 6.9 percent on a year-on-year basis in September 2024.
The price hike had nosedived in August this year at single digit 9.6 percent for the first time in last 34 months, said Sharif, in a statement.
PM Shehbaz expresses satisfaction over ease in inflation
The Consumer Price Index (CPI) index reading remained at the lowest in September this year bringing the spiralling inflation to record low in last 44 months. “With the grace of Allah, the Almighty, the promises made with the public have started yielding results. With inflation rate at 6.9pc, the common man will get relief,” said the prime minister.
He further said that with continuous reduction in the petroleum prices, the public was getting relief, whereas, after interest rate slide, the business activities would get a spur.
He also expressed his satisfaction at the achievement of target of bringing the inflation rate to seven percent in 2024 ahead of next year.
From the day one, he said, they had accorded priority to the measures aimed at providing relief to public, adding that the machinations of those who wished Pakistan ramming into default had been foiled.
The entire nation suffered due to “incompetence of a junta” during their previous rule, but now the journey of common man’s prosperity has started with economy on the right track and diplomatic relations being strengthened.
He opined that with the International Monetary Fund (IMF) programme, the country’s economy would get a further boost and Pakistan’s journey towards progress which was halted back in 2018, had once again commenced.
According to a report of Pakistan Bureau of Statistics (PBS), the core inflation measured by Consumer Price Index (CPI) decreased further to 6.9 percent during September 2024 as compared to 9.6 percent recorded during August 2024.
The CPI-based inflation during the same month of last year (September 2023) was recorded at 31.4 percent. On month-on-month basis, it decreased to 0.5 percent in September 2024 compared to an increase of 0.4 percent in the previous month and an increase of two percent in September 2023.
Copyright Business Recorder, 2024