Prime Minister Shehbaz Sharif on Tuesday credited the incumbent government’s efforts and policies for a notable reduction in inflation with the country’s annual rate dropping to 9.6%.
“Pakistan’s annual inflation rate has dropped to 9.6% in August, the first single-digit figure in nearly 3 years according to the Pakistan Bureau of Statistics. This is not an accident! These are results,” PM Shehbaz said in a statement issued on his official X account.
The premier’s remarks come after data from PBS revealed a significant drop in the inflation rate which has been exceeding the 20% mark since May 2022, peaking at a staggering 38% last May and these skyrocketing inflation rates coincided with the reforms implemented as part of a much-needed International Monetary Fund (IMF) bailout programme.
“CPI general inflation increased to 9.6% on a year-on-year basis in August 2024 as compared to an increase of 11.1% in the previous month and 27.4% in August 2023”, the PBS said a day earlier.
Reiterating the government’s resolve to provide relief to the masses, the premier added: “My focus is on providing relief to the common man. Our work is not done, and a lot more needs to be done but we are making real progress.”
