PM expresses satisfaction as Pakistan's inflation rate drops to single digits

We sacrificed our politics to save the national economy from bankruptcy, says Shehbaz Sharif

Prime Minister Shehbaz Sharif on Monday expressed satisfaction over the Pakistan Bureau of Statistics report, which announced that inflation had fallen to single digits in August 2024.

"With the grace of Allah, the hard work of the government's economic team is bearing fruit," the prime minister said in a statement issued by Prime Minister's Office.

According to data released by the Pakistan Bureau of Statistics (PBS) earlier in the day, the country’s consumer price index (CPI) rose by 9.6 per cent year-on-year (YoY) in August, marking a 34-month low.

The inflation rate dropping to 9.6% in August is a reflection of the government's efforts to improve the economy, the prime minister said. "This is the lowest inflation rate in the past three years, and credit goes to the tireless work of our economic team," he added.

He noted that the reduction in inflation aligns with the Ministry of Finance's economic outlook report, which had forecast inflation to be between 9.5% and 10.5% for August 2024.

"The prediction by economic experts of a further reduction in inflation in September is no less than good news for the nation," Shehbaz stated.

Also read: Pakistan records lowest inflation in nearly three years

The prime minister recalled that inflation was in single digits in 2018 as well. "Between 2018 and the next four years, the economy suffered due to criminal negligence and anti-people policies, leading to record inflation and causing hardship for the public," he remarked.

"We sacrificed our politics to save the national economy from bankruptcy," Shehbaz declared.

He praised his economic team's efforts, saying their hard work had not only stabilised the economy but also set it on a path towards growth.

"After taking on the responsibilities as a servant of Pakistan, I made a promise to the people that I would not rest until their difficulties were alleviated," Shehbaz said. "By the grace of Almighty Allah, we are moving towards fulfilling that promise."

The prime minister emphasised that the positive outcomes of the government's economic reforms are beginning to reach the people in the form of prosperity.

"The goal of Pakistan's development cannot be achieved without improving the lives of ordinary citizens and ensuring their economic well-being," he concluded.