Business

Pakistan’s annual inflation falls to 9.6pc, single-digit in three years

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Digital Desk

2 years ago

ISLAMABAD: Pakistan’s annual consumer price index clocked at 9.6% year-on-year (YoY) in August, marking the monthly inflation rate at 0.39pc, the Pakistan Bureau of Statistics (PBS) showed in its latest data on Monday.

Consumer Price Index (CPI) lowered at 9.6% YoY, down from the previous month’s 11.1% and last year’s 27.4%, PBS said, adding that the inflation reading was back into single-digits after three years.

According to the PBS, “On a month-on-month basis, CPI 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.”

The core inflation, measured by non-food, non-energy for Urban increased to 10.2% on a (YoY) basis in August 2024 as compared to an increase of 11.7% in the previous month and 18.4% in August 2023.

On a (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 the corresponding month of last year i.e. August 2023.

The Ministry of Finance in its monthly outlook report said that inflation is expected to remain within the range of 9.5-10.5% in August and further decline to 9-10% in September indicating economic stability.

Yesterday, Prime Minister Shehbaz Sharif expressed his satisfaction over the nosediving of the inflation rate in the country and the indicators of the Pakistan Bureau of Statistics, showing a decline in the inflation rate, state-run APP reported.

The prime minister said that ‘Consumer Price Index’ fell to a record low in July 2024, bringing inflation to 11 percent, and welcomed the economists’ forecast of further decline in inflation in the current month of September.

“After Fitch, the global rating agency, Moody’s recently upgraded Pakistan’s credit rating, which is an acknowledgment of Pakistan’s positive economic indicators by the international financial institutions,” PM Office Media Wing, in a press release, quoted the prime minister as saying.