PM Shehbaz vows relief to masses

ISLAMABAD:

Prime Minister Shehbaz Sharif said on Tuesday that the journey towards people's prosperity had started and that they would be provided relief as headline inflation had come down to the lowest level in 44 months.

According to a press release from the Prime Minister Office Media Wing, Shehbaz said that the people had suffered because of the incompetence of a junta during its previous rule – a reference to the Pakistan Tehreek-e-Insaf (PTI) government from 2018 to 2022.

"The entire nation suffered due to incompetence of a junta during their previous rule, but now the journey of the common man's prosperity has started with the economy on the right track and diplomatic relations being strengthened," Shehbaz said.

"The machinations of those who wished to see Pakistan ram into default have been foiled," Shehbaz said. He opined that with the International Monetary Fund (IMF) programme, the country's journey towards progress, which was halted way back in 2018, would commence again.

He expressed satisfaction at the slowing down of the price hike, which he said had now slipped into single digits when compared with the runaway rates of the last 44 months. He lauded the government's economic team for capping headline inflation which he said had 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 into single digits at 9.6% for the first time in the last 34 months, the press release stated. The Consumer Price Index (CPI) reading also remained at its lowest level in September this year to bring the spiralling inflation to a record low in the last 44 months.

The prime minister emphasised that the promises made to the public were being fulfilled. "With the inflation rate at 6.9%, the common man will get relief," he said. "With a continuous reduction in petroleum prices and after the interest rate slide, business activities will get a boost," he said.

He also expressed his satisfaction at achieving the target of bringing the inflation rate to 7% in 2024 – ahead of next year. From day one, he said, the government had prioritised measures aimed at providing relief to the public.

The statement came as the Pakistan Bureau of Statistics (PBS) reported that the CPI had decreased to 6.9% during September, 2024 as compared to 9.6% during August, 2024. According to the data, the CPI-based inflation during the same month last year had been recorded at 31.4%.

(With input from APP)