Prime Minister Shehbaz Sharif expressed his satisfaction on Monday over the latest report from the Pakistan Bureau of Statistics (PBS), which announced a significant drop in inflation to single digits for the first time in nearly three years. According to the PBS, Pakistan's consumer price index (CPI) rose by 9.6% year-on-year in August 2024, marking a 34-month low.

In a statement issued by the Prime Minister's Office, Shehbaz Sharif attributed this achievement to the relentless efforts of the government's economic team. "With the grace of Allah, the hard work of the government's economic team is bearing fruit," he remarked, highlighting that this reduction in inflation is a direct result of the government's policies aimed at economic stabilization.

The prime minister emphasized that the 9.6% inflation rate is the lowest in the past three years, a testament to the government's commitment to improving the country's economy. "This is the lowest inflation rate in the past three years, and credit goes to the tireless work of our economic team," he said.

Shehbaz Sharif also noted that the reduction in inflation aligns with the Ministry of Finance's economic outlook report, which had predicted inflation to be between 9.5% and 10.5% for August 2024. He expressed optimism about further reductions in inflation, as predicted by economic experts for September, calling it "good news for the nation."

Reflecting on the past, the prime minister recalled that inflation was in single digits in 2018, before the economy suffered due to what he described as "criminal negligence and anti-people policies" in the following years. He remarked that these policies had led to record inflation and significant hardships for the public.

"We sacrificed our politics to save the national economy from bankruptcy," Shehbaz declared, underscoring the difficult decisions made by his government to stabilize the economy. He praised his economic team's efforts, stating that their hard work had not only stabilized the economy but also set it on a path toward growth.

The prime minister reiterated his commitment to the well-being of the Pakistani people, saying, "After taking on the responsibilities as a servant of Pakistan, I made a promise to the people that I would not rest until their difficulties were alleviated. By the grace of Almighty Allah, we are moving towards fulfilling that promise."

Shehbaz Sharif concluded by emphasizing that the positive outcomes of the government's economic reforms are beginning to benefit the public, contributing to overall prosperity. "The goal of Pakistan's development cannot be achieved without improving the lives of ordinary citizens and ensuring their economic well-being," he said.