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Pakistan‘s Inflation Rate Drops to Single Digits: PM Shehbaz Sharif Expresses Satisfaction
Prime Minister Shehbaz Sharif has expressed his satisfaction over inflation rates in Pakistan falling to a single digit, reaching 9.6 percent in August. He attributes this achievement to the government’s performance and hard work.
According to the Bureau of Statistics, Pakistan’s annual inflation rate fell to 9.6 percent in August 2024, marking the first time in nearly three years that inflation has dipped to a single-digit figure.
In a message shared on the social media platform X (formerly Twitter), Prime Minister Shehbaz Sharif emphasized that this reduction is not an accident but a direct outcome of the government’s efforts to provide relief to the common man. He stated, “We are making real progress.”
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Prime Minister Sharif further noted that the lowest inflation rate in three years is a testament to the diligence of the government’s economic team, which has successfully navigated the country away from economic instability.
The latest inflation report from the Institute of Statistics confirmed that the inflation rate has fallen to 9.64 percent in August 2024, the lowest level recorded in the past 34 months. This achievement is a significant milestone since the inflation rate stood at 27.4 percent in August 2023.
The Bureau of Statistics detailed that the Consumer Price Index (CPI) inflation rate was 9.6 percent on an annual basis in August 2024. In contrast, the previous month recorded an inflation rate of 11.1 percent. The monthly inflation rate for August was documented at 0.39 percent.
Furthermore, the average inflation during the first two months of fiscal year 2025, which includes July and August, was reported at 10.36 percent—down from 27.84 percent during the same period in the previous fiscal year.
This marked decline in inflation is particularly noteworthy as it is the first instance of single-digit inflation since October 2021, during the tenure of the Pakistan Tehreek-e-Insaf (PTI) government.
According to the statistics agency, the inflation rate in urban areas increased by 0.27 percent, while in rural areas, it rose by 0.55 percent. Consequently, the inflation rate for urban areas in August stood at 11.71 percent, whereas rural areas experienced a lower inflation rate of 6.73 percent.
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Pakistan’s Inflation Rate Drops to Single Digits
PM Shehbaz Sharif Expresses Satisfaction
Prime Minister Shehbaz Sharif has expressed his satisfaction over inflation rates in Pakistan falling to a single digit, reaching 9.6 percent in August 2024. He attributes this achievement to the government’s performance and hard work.
According to the Bureau of Statistics, Pakistan’s annual inflation rate fell to 9.6 percent in August 2024, marking the first time in nearly three years that inflation has dipped to single digits.
