PM hopeful of further cut in policy rate after 'record decline' in inflation
Shehbaz Sharif urges ministers to focus on fiscal growth after achieving initial milestones of economic stability
Prime Minister Shehbaz Sharif has lauded a record decline in inflation to 4.9% after almost six-and-a-half years, expressing hope that the remarkable development will lead to further cuts in the key policy rate.
Beating official forecasts, Pakistan's inflation slowed to 4.9% year-on-year in November 2024, down from 7.2% in October, marking its lowest level in six-and-a-half years, according to data released by the Pakistan Bureau of Statistics (PBS) on Monday
"It is beyond imagination," said the premier addressing a federal cabinet session in Islamabad on Monday, adding that inflation is a tool that can be used to improve the financial condition of the masses, while at the same the increase in inflation increases the hardship of poor people
Recalling the previous tenure of the Pakistan Muslim League-Nawaz (PML-N), he said that the inflation stood at 3.5% under the leadership of former prime minister Nawaz Sharif.
He said that the positive development would reduce the financial burden on the common man.
He was optimistic about further relaxation in key policy rate by the State Bank of Pakistan’s (SBP) Monetary Policy Committee (MPC) in its next meeting