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Pakistan’s consumer price index (CPI) in September clocked in at 6.93 per cent year-on-year (YoY) on Tuesday, well within the central bank’s target of 5 to 7pc for next year.
The SBP had held off on aggressive monetary easing, to help achieve the goal of bringing inflation down to the medium-term target of 5 to 7pc in September 2025 and ensure macroeconomic stability.
The CPI measures household inflation and includes statistics about price change for categories of household expenditure.
Mohammed Sohail, chief executive of Topline Securities, attributed the ease in inflation “to aggressive monetary tightening”.
He said, “The State Bank of Pakistan (SBP) had achieved bringing inflation below 7pc one year ahead of target”.
In August, inflation rose 9.6pc year-on-year (YoY), marking a 34 month-low.
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.
Meanwhile, the finance minister had noted that that inflation was down to single digits and was going to “subside more”, adding that happened on the back of the successful completion of the stand-by agreement with the International Monetary Fund (IMF).
More to follow
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