PM vows further relief as inflation slows at lowest in last four years

• Promises made with the public have started yielding results: PM.
• Says common man to get relief with inflation rate at 6.9%.
• "Country's economy to get further boost with IMF programme".

 Prime Minister Shehbaz Sharif on Tuesday expressed his satisfaction at the slowing down of the 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 a single digit 9.6% for the first time in the last 34 months, the PM Office Media Wing said in a statement.

The Consumer Price Index (CPI) index reading remained at its lowest in September this year bringing the spiralling inflation to a 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 statement quoted the premier as saying.

He further observed that with continuous reductions in petroleum prices, the public was getting relief, whereas after the interest rate slid, business activities would get spur.

He also expressed his satisfaction at the achievement of the target of bringing the inflation rate to 7% in 2024 ahead of next year.

PM Shehbaz said that from the day first, they had accorded priority to the measures aimed at providing relief to the public, adding that machinations of those who wished Pakistan ram into default, had been foiled.

The PM said the journey of the common man's prosperity has started with the economy on the right track and diplomatic relations being strengthened.

The prime minister opined that with the International Monetary Fund (IMF) programme, the country’s economy would get a further boost and Pakistan's journey towards progress which was halted way back in 2018, had once again commenced.

According to a report by the Pakistan Bureau of Statistics (PBS), the core inflation measured by the Consumer Price Index (CPI) decreased further to 6.9% during September 2024 as compared to 9.6% recorded during August 2024.

The CPI-based inflation during the same month of last year (September 2023) was recorded at 31.4%, the data stated.

On a 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.

Reacting to the development, Prime Minister Shehbaz Sharif wrote on X: "Heartening news for every Pakistani! Inflation is down to 6.9%."

"Continued improvement in macro-economic indicators is adding robust momentum to our economy which is poised to further accelerate 'Ease of Living' and will bring many positive changes for common man, as well as investors and industry," he added.

Pakistan struck a deal last month with the IMF for a $7 billion loan programme that includes tough measures such as higher taxes on farm incomes and electricity prices.

The prospect of such moves has worried poor and middle-class Pakistanis. But inflation has started moving on a downward trend, albeit from a high base.

Economic indicators have stabilised in the South Asian nation since last summer when the country came close to a default before a last-gasp bailout from the IMF.