PM Shehbaz ‘congratulates’ nation as weekly inflation declines further

ISLAMABAD: Prime Minister (PM) Shehbaz Sharif has extended his “congratulations” to the nation as the weekly inflation rate measured by the Sensitive Price Indicator (SPI) dropped to 3.57 per cent, marking a significant reduction.

He attributed this achievement to divine grace and the persistent efforts of the country’s economic team, declaring that inflation has now reached its lowest level in the past six years.

On the occasion, the Prime Minister stated that for the first time since October 4 2018, the price index has recorded such a sharp decline, reflecting economic stability. He highlighted a remarkable 39.11 per cent reduction in inflation compared to the same period last year, crediting the round-the-clock hard work of the economic team for this progress.

“I stand by every promise made to the public,” said PM Sharif, reaffirming his commitment to addressing the challenges faced by the people. He reiterated his dedication to working tirelessly to alleviate public hardships and delivering on his role as a servant of Pakistan.

The Prime Minister also emphasised ongoing efforts to boost employment, industrial growth, and foreign investment in the country. He expressed optimism, saying, “Pakistan is on a fast track towards growth after achieving economic stability.”

He also pointed to the increase in remittances from abroad, investments from friendly nations, and strengthened diplomatic ties as signs of Pakistan’s forward momentum.

The Premier concluded by acknowledging the political sacrifices made for the country’s prosperity, stating that these efforts have not gone in vain, with all stakeholders playing a positive role in Pakistan’s development journey.

SPI inflation report

According to the latest report released by the Pakistan Bureau of Statistics (PBS), despite a reduction in some prices, more items saw an increase, with the prices of 18 items rising in the outgoing week.

Nonetheless, the overall impact of these increases appeared smaller compared to the price reductions.

For context, the SPI tracks the prices of 51 essential items, collected from 50 markets across 17 cities in the country.

During the week, prices of 18 items (35.29 per cent) increased, 10 items (19.61 per cent) decreased, while 23 items (45.10 per cent) remained stable.

On a weekly basis, notable decreases were observed in the prices of tomatoes (25.15 per cent), chicken (9.90 per cent), pulse mash (1.67 per cent), pulse gram (0.73 per cent), and wheat flour (0.71 per cent).