The inflation rate in Pakistan has dropped to its lowest level in four years, bringing some relief to the nation. According to the Pakistan Bureau of Statistics (PBS), inflation was recorded at 6.9% in September 2024, a significant decrease from 9.6% in August.
The spokesperson for PBS emphasized that this reduction marks a milestone after years of financial strain. One of the key reasons behind this decline is the State Bank of Pakistan’s stringent measures to curb dollar smuggling, which has helped stabilize the economy.
Mohammad Sohail, CEO of Topline Securities, explained that inflation’s annual rate has eased due to these aggressive steps by the State Bank. Furthermore, monthly inflation saw a 0.5% decrease, providing additional hope for future economic recovery.
Experts attributed this slowdown to various critical factors, including the base effect, lower global commodity and energy prices, and a stable exchange rate. They believe these elements are playing a pivotal role in taming the inflation monster.
This statement from the Bureau of Statistics coincides with comments made by Gohar Ejaz, leader of APTMA and former caretaker federal minister. Ejaz recently expressed optimism, stating that the “inflation genie” is finally being controlled. He emphasized the need to boost exports, citing the depreciation of the Pakistani rupee as a major cause of rising inflation.
