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ISLAMABAD: Pakistan’s headline inflation has taken a significant dip, registering at 6.9% year-on-year in September 2024, down from 9.6% in August. This marks the lowest consumer price index (CPI) reading since January 2021, a remarkable achievement for the country’s economy.
The decline in inflation is attributed to several factors, including a high base effect, decreasing global commodity and energy prices, and a stable exchange rate.
Mohammed Sohail, CEO of Topline Securities, noted that the State Bank of Pakistan’s (SBP) aggressive monetary tightening has successfully brought inflation below the one-year target of 7% ahead of schedule.
On a month-to-month basis, the CPI fell by 0.5% in September 2024, contrasting with a 0.4% rise in the previous month and a 2.0% increase in September 2023.
This downward trend is a positive sign for Pakistan’s economy, indicating that the measures taken by the SBP are yielding the desired results.
The Pakistan Bureau of Statistics (PBS) released the data on Tuesday, providing a boost to the country’s economic outlook. Experts predict that this decline in inflation will have a positive impact on the overall economy, potentially leading to increased consumer spending and economic growth.
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