Islamabad (National Times) Pakistan\u2019s consumer price index (CPI) in August rose 9.6 per cent year-on-year (YoY), marking a 34 month-low, data from the Pakistan Bureau of Statistics (PBS) showed on Monday.<\/p>\n\n\n\n
The CPI measures household inflation and includes statistics about price change for categories of household expenditure.<\/p>\n\n\n\n
\u201cCPI general inflation increased to 9.6pc on year-on-year basis in August 2024 as compared to an increase of 11.1pc in the previous month and 27.4pc in August 2023,\u201d PBS said.<\/p>\n\n\n\n
The monthly inflation rate was 0.39pc, the PBS said.
According to Karachi-based brokerage firm, Topline Securities, the reading for August \u201cis at 34 months low\u201d.<\/p>\n\n\n\n
\u201cThis takes 2MFY25 average inflation to 10.36pc compared to 27.84pc in 2MFY24,\u201d it said in a comment.<\/p>\n\n\n\n
The data showed that urban inflation increased by 11.7pc while rural inflation increased by 6.7pc in August.<\/p>\n\n\n\n
Prime Minister Shehbaz Sharif expressed satisfaction over the single-digit inflation rate, attributing the achievement to the hard work of the government\u2019s economic team.<\/p>\n\n\n\n
The prime minister noted that this decrease in inflation was a reflection of the government\u2019s effective measures to improve the economy.<\/p>\n\n\n\n
He credited the economic team for achieving the lowest inflation rate in the last three years, according to a press release issued by the Prime Minister\u2019s Office.<\/p>\n\n\n\n
The prime minister emphasised that his government saved the country from economic bankruptcy and put it on the path to stability and growth.<\/p>\n\n\n\n
He reiterated his commitment to fulfilling his promise to the people to alleviate their suffering.<\/p>\n\n\n\n
The prime minister noted that the positive results of the government\u2019s economic reforms were now reaching the people, improving their lives and contributing to Pakistan\u2019s development.<\/p>\n\n\n\n
\u201cAchieving Pakistan\u2019s development goals is unattainable without improving the lives of ordinary people and ensuring economic prosperity,\u201d PM Shehbaz concluded.<\/p>\n\n\n\n
Speaking on the development in the National Assembly, Information Minister Attaullah Tarar said the decrease was the \u201cproof of success\u201d under the prime minister\u2019s leadership.<\/p>\n\n\n\n
He said inflation had reached the single digits due to the government\u2019s measures.<\/p>\n\n\n\n
In July, inflation had risen to 11.1pc on a YoY basis as compared to an increase of 12.6pc in the month of June and 28.3pc in July 2023. In May, it had hit 11.8pc \u2014 a 30-month low.<\/p>\n\n\n\n
Earlier, Prime Minister Shehbaz Sharif had expressed satisfaction over a falling rate of inflation and improvements in other economic indicators.<\/p>\n\n\n\n
The premier\u2019s statement came after the Ministry of Finance said in its August outlook on Friday that inflation was expected to remain in the range of 9.5-10.5pc in August and further decline to 9-10pc in September \u201con account of stability in economic indicators\u201d.<\/p>\n\n\n\n
\u201cAfter Fitch, the global rating agency, Moody\u2019s recently upgra\u00added Pakis\u00adtan\u2019s credit rating, which is an acknowledgement of the cou\u00adntry\u2019s positive economic indicators by the international financial institutions,\u201d said PM Shehbaz.<\/p>\n\n\n\n
Global rating agency Moody\u2019s upgraded Pakistan\u2019s local and foreign currency issuer and senior unsecured debt ratings to Caa2 from Caa3, saying its decision to upgrade was due to \u201cPakistan\u2019s improving macroeconomic conditions and moderately better government liquidity and external positions, from very weak levels\u201d.<\/p>\n\n\n\n
Year-on-year Non-food items prices that increased: Gas Charges (318.74pc), Motor Vehicle Tax (168.79pc), Dental Services (28.84pc) and Cotton Cloth (24.17pc)<\/p>\n\n\n\n Rural: Food item prices that increased on a YoY basis included: Onions (144.27pc), Fresh Vegetables (57.31pc), Pulse Gram (39.19pc), Beans (30.52pc), Pulse Moong (29.46pc), Milk Powder (28.42pc), Butter (26.14pc), Fresh Fruits (25.11pc) and Fish (24.13pc).<\/p>\n\n\n\n Non-food items that increased: Motor Vehicle Tax (126.61pc), Woolen Readymade Garments (38.42pc), Education (22.95pc), Cotton Cloth (22.13pc) and Marriage Hall Charges (21.77pc).<\/p>\n\n\n\n Month-on-month Non-food items prices that increased: Motor Vehicle Tax (168.79pc), Stationery (5.08pc), Hosiry (3.41pc) and Personal Effects n.e.c. (2.47pc).<\/p>\n\n\n\n Rural: Food items that increased: Chicken (19.69pc), Fresh Vegetables (18.67pc), Onions (17.72pc), Eggs (14.28pc), Pulse Gram (5.32pc) and Besan (4.44pc).<\/p>\n\n\n\n Non-food items that increased: Motor Vehicle Tax (126.61pc), Dental Services (3.24pc) and Stationery (2.55pc).<\/p>\n","protected":false},"excerpt":{"rendered":" Islamabad (National Times) Pakistan\u2019s consumer price index (CPI) in August rose 9.6 per cent year-on-year (YoY), marking a 34 month-low, data from the Pakistan Bureau of Statistics (PBS) showed on Monday. The CPI measures household inflation and includes statistics about price change for categories of household expenditure. \u201cCPI general inflation increased to 9.6pc on year-on-year […]<\/p>\n","protected":false},"author":2,"featured_media":88977,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-88976","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","entry"],"yoast_head":"\n
<\/strong>Urban: Food item prices that increased on a YoY basis included: Onions (136.32pc), Fresh Vegetables (76.35pc), Pulse Gram (42.35pc), Besan (31.15pc), Fish (28.98pc), Fresh Fruits (27.32pc), Pulse Moong (25.05pc) and Milk Powder (24.17pc).<\/p>\n\n\n\n
<\/strong>Urban: Food items that increased: Onions (22.84pc), Chicken (13.62pc), Eggs (12.39pc), Fresh Vegetables (12.25pc), Besan (4.88pc), Pulse Gram (4.55pc) and Gram Whole (3.82pc).<\/p>\n\n\n\n