Inflation rate drops to the lowest level of 4.1% in 81 months: PBS
ISLAMABAD, Jan 01 (SABAH): Prudent economic policies of the government have led to reduction in the inflation rate to the lowest level of 4.1 percent in eighty-one months.
According to Pakistan Bureau of Statistics (PBS), the consumer price index was recorded at 4.1 percent during the last month as compared to 49 percent in June last year. This marks a significant decline compared to the 29.7 percent inflation recorded in December 2023.
The wholesale price index was recorded at 1.9 percent last month, down from 2.3 percent in June 2024 and 27.3 percent in December 2023.
Rates of chicken slashed by 13.06 percent, fresh vegetables 2.27 percent, flour 0.99 percent, and rice by 0.50 percent, while wheat products witnessed a decrease of 0.36 percent in their prices.
Besides, electricity cost also decreased by 5.68 percent, along with the prices of construction materials, which fell by 0.06 percent last month.
Prices of fresh fruits decreased by 8.84 percent, banaspati ghee 5.42 percent, cooking oil 4.39 percent, sugar two percent, and pulses by 0.20 percent, while the cost of milk products also saw a decline by 0.05 percent.
Meanwhile Prime Minister Mian Muhammad Shehbaz Sharif has expressed satisfaction over the reduction in inflation to its lowest level in 81 months.
In a statement issued on Wednesday, PM Shehbaz Sharif said the reduction in the inflation rate to 4.1 percent last month is a good omen.
The Prime Minister said achieving macroeconomic stability is just the beginning. He mentioned that the government has launched Uraan Pakistan, a homegrown five-year National Economic Transformation Plan, which will make Pakistan one of the leading countries in the world.
PM Shehbaz Sharif said his government is pursuing a policy of economic reforms. He said the Current Account Deficit has turned into a surplus after 24 years, the inflation rate declined to 4.1 percent from 38 percent, and the Pakistan Stock Market has become the second-best market in the world. He added that the policy rate has declined to 13 percent from 22 percent.
The Prime Minister said the economy is moving towards stability as a result of the government’s economic policies and the hard work of its economic team. He said the government is fully cognizant of people’s difficulties and has tirelessly worked to resolve these problems. He expressed the hope the people’s lives will be further improved in the days to come.