ISLAMABAD: Prime Minister Shehbaz Sharif hailed recent downturn in inflation as boon for populace, deeming it tangible sign of economic progress, as per statement released by Prime Minister’s Office.

According to Pakistan Bureau of Statistics (PBS), pace of price increases decelerated to 17.3 percent in April compared to same period previous year, marking lowest rate in two years and nearing point from which prices initially surged.

Shehbaz attributed these developments to collective efforts spanning his previous 16-month-long tenure and continuing under caretaker government.

He was quoted in statement, saying, “Reduction of inflation is first goal, with grace of Allah, people will get more relief in economic activities.”

Recent reduction in petrol prices will also give relief to people, he said, adding that prices of oil have come down in global market. Shehbaz directed provincial governments to ensure reduction in petroleum prices and enforce official food item prices.

Notably, food inflation decelerated in both urban and rural areas, with urban centers experiencing notable slowdown to 11.3 percent and rural areas dipping below single-digit mark to 9.7 percent, according to PBS.

However, core inflation, excluding energy and food items, marginally increased to 13.1 percent in urban areas but dropped below 20 percent in rural regions.

Published in The Daily National Courier, May, 03 2024

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