Consumer inflation in Pakistan hit a 44-month low of 6.9% in September, driven by falling commodity prices, stable currency rates, and increased agricultural production. Headline inflation, as measured by the Consumer Price Index (CPI), saw a significant decrease from the previous month, reflecting an overall drop in prices. Prime Minister Shehbaz Sharif hailed this achievement as a result of the government’s economic reforms and policies.
The decline in inflation is attributed to various factors such as improved crop yields, lower reliance on imports, and increased government support for agriculture. The State Bank of Pakistan’s aggressive monetary tightening was also highlighted as a contributing factor in bringing inflation below 7% ahead of target.
Urban inflation stood at 9.3%, while rural areas saw lower inflation at 3.6% with decreases in food inflation in both regions. Prime Minister Shehbaz emphasized the government’s focus on stabilizing the economy and helping the common people, despite challenges faced from elements aiming to destabilize the economy.
This significant drop in inflation marks a key milestone for Pakistan’s economy, showcasing the government’s efforts towards achieving a stable economic environment for its citizens.