By Aamir Latif
KARACHI, Pakistan (AA) – Pakistan's consumer price index dropped by 6.93% in September this year compared to the same month of 2023, marking the lowest inflation rate in 44 months, official data showed on Tuesday.
According the Pakistan Bureau of Statistics, consumer prices fell by 0.5% month-on-month in September, compared to a decrease of 0.4% in the previous month.
The development comes on the heels of a crucial $7 billion bailout package approved by the IMF last week.
It is Pakistan’s 25th IMF program and the new package will expand over the next 37 months.
Islamabad will immediately receive $1.1 billion from the international lender, which had provided it with a $3 billion bailout in the last package.
Experts attributed the ease in inflation to “aggressive monetary tightening,” aside from impact of a high base from the previous year, decreasing global commodity and energy prices, and a stable exchange rate.
Reduction in inflation rates, according to Mohammad Sohail, a Karachi-based economist, is expected to provide relief to consumers and businesses.