By On Monday, Prime Minister Shehbaz Sharif expressed his satisfaction with the latest report from the Pakistan Bureau of Statistics (PBS), which revealed that inflation had decreased to single digits in August 2024.
In a statement issued by the Prime Minister’s Office, Sharif attributed this positive development to the diligent efforts of the government’s economic team. The data from PBS indicated that the Consumer Price Index (CPI) rose by 9.6% year-on-year in August, marking the lowest inflation rate in 34 months.
Sharif highlighted that the 9.6% inflation rate is the lowest in the past three years and credited the achievement to the tireless work of his economic team. This reduction aligns with the Ministry of Finance’s forecast of 9.5% to 10.5% for August 2024.
He also noted that economic experts predict a further decline in inflation for September, which he described as promising news for the nation. Reflecting on the past, Sharif recalled that inflation was also in the single digits in 2018 but rose significantly due to poor economic management in the subsequent years, leading to public hardship.
The Prime Minister emphasized that his government has prioritized economic stability over political gains to prevent national bankruptcy. He praised his economic team for their efforts in stabilizing and setting the economy on a growth trajectory.
Sharif reaffirmed his commitment to alleviating public difficulties, stating that the positive results of the government’s economic reforms are now benefiting ordinary citizens. He concluded by underscoring that Pakistan’s development depends on improving the lives and economic well-being of its people.
