Lowest inflation rate in 2 years result of PDM govt’s hard work: PM Shehbaz

Prime Minister Shehbaz Sharif on Thursday declared the downward trend of inflation as “welcome news” for the people, saying that inflation falling towards the lowest level in two years was a sign of improvement in the economy. Consumer price inflation slowed to 17.3 per cent in April from a year earlier, data from the Pakistan Bureau of Statistics (PBS) showed today, the lowest reading in nearly two years and below the finance ministry’s projections. Pakistan has been beset by inflation above 20pc since May 2022, registering a high of 38pc in May 2023, as it has navigated reforms as part of an International Monetary Fund (IMF) bailout programme. Month-on-month inflation was down 0.4pc, showing negative growth for the first time since June 2023. “This is the result of the hard work done during the 16-month-long government led by the Pakistan Democratic Movement (PDM) and continued by the interim government,” PM Shehbaz said in a statement issued by the PM Office.