ISLAMABAD: Pakistan’s inflation remained at 9.6% on a year-on-year basis in August as compared to 11.1% in the last month and 27.4% in August 2023, said the latest data issued by the Pakistan Bureau of Statistics (PBS) on Monday.
The inflation was back into single digits after a period of three years, according to data from PBS. In October 2021, CPI inflation remained at 9.2%.
On a month-on-month basis, CPI increased to 0.4% in August 2024 as compared to a rise of 2.1% in the last month and an increase of 1.7% in August 2023.
In its monthly outlook, the finance ministry had said that it expects inflation in August to stay between 9.5% and 10.5%.
“On the account of stability in economic indicators, inflation is expected to remain within the range of 9.5-10.5% in August and further decline to 9-10% in September 2024,” the Ministry of Finance said in its ‘Monthly Economic Update and Outlook’.
Earlier, Prime Minister Shehbaz Sharif expressed satisfaction over the decrease in inflation and economic indicators, noting a significant decline in the Consumer Price Index (CPI) in July.
The inflation rate has dropped to 11%, the PM Shehbaz Sharif stated, saying that predictions for further reductions in September are promising.
He added that Moody’s has upgraded the credit rating of Pakistan, recognizing the country’s positive economic indicators. He added international financial institutions have recognized these improvements.
