Islamabad, October 1, 2024 – Prime Minister Muhammad Shehbaz Sharif on Tuesday expressed satisfaction over the sharp decline in inflation, which has now fallen to its lowest level in the past 44 months. The inflation rate, recorded at 6.9 percent year-on-year in September 2024, marks a significant milestone in the government’s efforts to ease the financial burden on the masses.
In a statement issued by the Prime Minister’s Office, Shehbaz Sharif praised the government’s economic team for successfully curbing the price hike, which had been a source of widespread public distress. The Consumer Price Index (CPI) data revealed a steady deceleration, with inflation dropping to single digits at 9.6 percent in August 2024 for the first time in 34 months, and now further decreasing to 6.9 percent in September.
The Prime Minister attributed this achievement to prudent economic management, stating, “With the grace of Allah Almighty, the promises made to the public have started bearing fruit. The inflation rate at 6.9 percent will provide much-needed relief to the common man.” The Prime Minister underscored that the government had prioritized controlling inflation from day one, aiming to deliver tangible benefits to the public.
This downward trend in inflation is seen as a positive indicator for both consumers and businesses. The Prime Minister noted that the recent reductions in petroleum prices had contributed significantly to easing the cost of living for citizens. Additionally, the central bank’s decision to lower interest rates is expected to stimulate economic activity, providing a much-needed boost to business and investment.
Prime Minister Shehbaz Sharif expressed optimism that the government would meet its target of maintaining inflation at 7 percent by the end of 2024, a goal they have already achieved ahead of schedule. He emphasized that these accomplishments were a direct result of the government’s concerted efforts to stabilize the economy, despite external pressures and challenges.
He further reflected on the nation’s previous economic struggles, blaming the incompetence of the former ruling junta for bringing the country to the brink of economic collapse. However, he assured the public that the threat of default had been averted, and Pakistan was now on a path to recovery, with strengthened diplomatic relations and a revitalized economy.
The Prime Minister also pointed to the International Monetary Fund (IMF) program as a key factor in reinforcing Pakistan’s economic foundation, stating that the country’s progress, which had stalled in 2018, had now resumed. According to the Pakistan Bureau of Statistics (PBS), inflation in September 2023 was a staggering 31.4 percent, highlighting the significant progress made over the past year.
With inflation now tamed, the government remains focused on further economic reforms aimed at enhancing the prosperity of the common man and ensuring sustainable growth.
