Pakistan’s annual inflation rate Falls to 9.6% in August 2024

Pakistan’s annual inflation rate Falls to 9.6% in August 2024, marking the first single-digit figure in almost three years, according to the Pakistan Bureau of Statistics (PBS).

This decline from 11.1% the previous month reflects a significant slowdown from the 20%+ rates observed since May 2022, and a peak of 38% last May.

The reduction comes amid ongoing IMF reforms. Prime Minister Shehbaz Sharif praised the drop in inflation and credit rating upgrades by Fitch and Moody’s.

The Consumer Price Index (CPI) rose 0.4% month-on-month in August, compared to 2.1% the previous month. SPI inflation also fell to 10.8% YoY in August.