The inflation index registers remarkable drop as overall consumer prices index has dipped to 4 year low, reported 24NewsHD TV channel.
According to data from the Pakistan Bureau of Statistics (PBS), consumer price index (CPI) in September clocked in at 6.93 per cent year-on-year (YoY) basis. According to data, inflation in September 2024 was the lowest since January 2021. During August 2024, inflation rate was recorded at 9.64 percent. Moreover, inflation decreased by 0.52 percent in September compared to August. The average inflation was recorded at 9.19 percent in the July-September quarter.
In September, inflation in cities decreased by 0.53 percent and in rural areas by 0.50 percent. According to the Bureau of Statistics, the inflation rate in cities was 9.29 percent in September while inflation rate in rural areas was recorded at 3.65 percent last month.
The CPI measures household inflation and includes statistics about price change for categories of household expenditure. According to economic experts, ease in inflation is because of aggressive monetary tightening that is why central bank has succeeded in bringing inflation below 7pc one year ahead of target. Prime Minister Shehbaz Sharif had expressed satisfaction over the single-digit inflation rate, attributing the achievement to the hard work of the government’s economic team.
Reporter: Waqas Azeem