Islamabad (Web Desk): Prime Minister Muhammad Shehbaz Sharif on Tuesday expressed his satisfaction at the slowing down of price hike which now clocked in at the lowest 6.9% when compared with runaway digits in the last 44 months.
The prime minister lauded the government’s economic team for capping the headline inflation which now clocked in at 6.9 % on a year-on-year basis in September 2024.
The price hike had nosedived in the month of August this year at one digit 9.6% for the first time in the last 34 months, PM Office Media Wing said in a press release.
The Consumer Price Index (CPI) index reading remained at the lowest in September this year bringing the spiraling inflation to record low in the last 44 months.
“With the grace of Allah Almighty, the promises made with the public have started yielding results. With inflation rate at 6.9%, the common man will get relief,” the press release quoted the premier as saying.
The prime minister further observed 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.
PM Shehbaz also expressed his satisfaction at the achievement of target of bringing the inflation rate to 7percent in 2024 ahead of next year.
The prime minister said that from the day first, 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 said.
The prime minister opined that with the International Monetary Fund (IMF) programme, the country’s economy would get further boost and Pakistan’s journey towards progress which was halted way 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% during September 2024 as compared to 9.6% recorded during August 2024.
As per the data, the CPI based inflation during the same month of last year (September 2023) was recorded at 31.4%. On month-on-month basis, it decreased to 0.5% in September 2024 as compared to an increase of 0.4% in the previous month and an increase of 2% in September 2023.