ISLAMABAD The Pakistan Bureau of Statistics (PBS) said on Monday that the country’s annual consumer price inflation rate decreased to 9.6% in August, marking the first figure in single digits in nearly three years.
In August, the Consumer Price Index (CPI) fell even more, from 11.1% year over year in July to 9.6% in August.
The economy has been struggling with inflation that has topped 20% since May 2022, reaching a record high of 38% in May of last year. These alarming rates of inflation were brought on by changes made as part of an imperative International Monetary Fund (IMF) bailout program.
One day prior, Shehbaz Sharif, the prime minister, also conveyed his happiness over the “nosediving of inflation rate” in the nation and the improvement of credit rankings by global financial organizations, such as Fitch and Moody’s.
