Shehbaz Sharif says his govt put country on path to growth after saving it from bankruptcy.  Info minister says decline in inflation rate an evidence of govt’s prudent economic policies.

ISLAMABAD   -   Country’s annual consumer price inflation rate slowed to 9.6 percent in August, the first single-digit reading in almost three years, Pakistan Bureau of Statistics (PBS) said on Monday. The core inflation measured by Consumer Price Index (CPI) decelerated further to 9.6 percent during August 2024 as compared to 11.1 percent recorded during July 2024.

According to PBS data, the CPI based inflation during the same month of last year (August 2023) was recorded at 27.4%. On month-on-month basis, it increased to 0.4% in August 2024 as compared to an increase of 2.1% in the previous month and an increase of 1.7% in August 2023.

According to data, CPI inflation Urban increased to 11.7% on year-on-year basis in August 2024 as compared to an increase of 13.2% in the previous month and 25.0% in August 2023. On month-on-month basis, it increased to 0.3% in August 2024 as compared to an increase of 2.0% in the previous month and an increase of 1.6% in August 2023.

CPI inflation Rural, increased to 6.7% on year-on-year (YoY) basis in August 2024 as compared to an increase of 8.1% in the previous month and 30.9% in August 2023. On month-on-month (MoM) basis, it increased to 0.6% in August 2024 as compared to an increase of 2.2% in the previous month and an increase of 1.9% in August 2023.

The Sensitive Price Indicator (SPI) inflation on YoY increased to 10.8% in August 2024 as compared to an increase of 15.7% a month earlier and 27.9% in August 2023. On MoM basis, it decreased to 0.3% in August 2024 as compared to an increase of 2.0% a month earlier and an increase of 4.1% in August 2023.

The Wholesale Price Index (WPI) inflation on YoY basis increased to 6.3% in August 2024 as compared to an increase of 10.4% a month earlier and an increase of 24.3% in August 2023. On MoM basis, it increased by 0.3% in August 2024 as compared to an increase of 2.3% in the previous month and an increase of 4.2% in corresponding month of last year i.e. August 2023.

The core inflation, measured by non-food, non-energy for Urban increased to 10.2% on (YoY) basis in August 2024 as compared to an increase of 11.7% in the previous month and 18.4% in August 2023. On (MoM) basis, it increased by 0.4% in August 2024 as compared to an increase of 0.7% in the previous month and an increase of 1.8% in corresponding month of last year i.e. August, 2023.

The core inflation measured by non-food, non-energy Rural increased to 14.4% on (YoY) basis in August 2024 as compared to an increase of 16.9% in the previous month and 25.9% in August 2023. On (MoM) basis, it increased by 0.6% in August 2024 as compared to an increase of 1.1% in the previous month and an increase of 2.8% in the corresponding month of last year i.e. August 2023.

‘Big achievement’

Prime Minister Muhammad Shehbaz Sharif on Monday expressed satisfaction over the single-digit inflation rate of 9.6 percent in August 2024, attributing this achievement to the hard work of the government’s economic team.

The prime minister noted that this decrease in inflation is a reflection of the government’s effective measures to improve the economy. He credited the economic team for achieving the lowest inflation rate in the last three years, said a press release issued by Prime Minister’s Office.

According to the Ministry of Finance’s Economic Outlook Report, the inflation rate was predicted to be between 9.5 percent and 10.5 percent in August 2024. Economic experts also forecast a further decrease in inflation in September, which the prime minister hailed as good news for the nation. In 2018, the inflation rate was also brought down to a single digit, but the subsequent years saw a record increase in inflation due to criminal negligence and anti-people policies.

The prime minister emphasized that his government has saved the country from economic bankruptcy and put it on the path to stability and growth. He reiterated his commitment to fulfilling his promise to the people to alleviate their sufferings. The prime minister acknowledged Allah’s blessings in achieving this milestone and noted that the positive results of government economic reforms are now reaching the people, improving their lives and contributing to Pakistan’s development.

Achieving Pakistan’s development goals is unattainable without improving the lives of ordinary people and ensuring economic prosperity, PM concluded.

‘An evidence of prudent economic policies’

Minister for Information and Broadcasting Attaullah Tarar said the recent decline in the inflation to single digit is an evidence of prudent economic policies of the federal government under the leadership of Prime Minister Shehbaz Sharif.

Responding to a question during Question Hour in the National Assembly this evening, he said for the first time in last three years inflation recorded at 9.6 percent.