The federal government’s efforts to control inflation are showing promising results as the inflation rate has dropped to single digits for the first time in three years. According to the latest report from the Pakistan Bureau of Statistics, inflation in August 2024 was recorded at 9.6%, marking a significant decrease from the 27.4% and 27.3% rates seen in August 2023 and 2022, respectively. This decline signals the positive impact of the government’s policies on the economy.
The report highlights a disparity between urban and rural inflation rates. In urban areas, inflation was recorded at 11.7%, while rural areas experienced a lower rate of 6.7%. This variation underscores the different economic pressures faced by urban and rural populations.
Every month, the prices of essential goods such as onions, eggs, and fresh vegetables increased significantly, with onions rising by 23.62%, eggs by 12.39%, and fresh vegetables by 12.25%. Conversely, the prices of fresh fruits, tomatoes, and flour saw a decline, with fresh fruits becoming 13.10% cheaper, tomatoes decreasing by 8.09%, and flour by 3.40%.
Overall, while some essential items have become more expensive, the overall reduction in inflation marks a positive step toward economic stability, offering some relief to consumers across Pakistan.
