Shehbaz Sharif credits government for drop-in inflation rate to 9.6%

On Tuesday, Prime Minister Shehbaz Sharif expressed satisfaction for the current administration’s efforts and policies, which contributed to a significant decline in inflation, with the nation’s annual inflation rate dropped to 9.6%.

Prime Minister Shehbaz Sharif shared this achievement on his official X account, noting that “According to the Pakistan Bureau of Statistics, the country’s annual inflation rate dropped to 9.6% in August for the first time in almost three years. This isn’t a coincidence, these are results.”

The Prime Minister’s statement comes following data from the Pakistan Bureau of Statistics (PBS) showing a significant decline in the inflation rate. The inflation rate had been above 20% since May 2022 and had peaked at an astonishing 38% in May of the previous year.

These sharp increases in inflation were associated with the implementation of changes made cause of urgently needed International Monetary Fund (IMF) rescue program. The recent drop in inflation reflects the efforts of the current administration to stabilize the economy.

Reported by PBS a day earlier, “In August 2024, CPI general inflation increased to 9.6% on annual basis as compared to a rise of 11.1% in the previous month and 27.4% in August 2023.”