Prime Minister Shehbaz Sharif has expressed his satisfaction over the “nosediving of inflation rate” in the country and the indicators of the Pakistan Bureau of Statistics showing a decline in the inflation rate.

In a statement, the prime minister said that the ‘Consumer Price Index’ fell to a record low in July 2024, bringing inflation to 11 per cent and welcomed the economists’ forecast of further decline in inflation in the current month of September.

“After Fitch, the global rating agency, Moody’s recently upgraded Pakistan’s credit rating, which is an acknowledgement of the country’s positive economic indicators by the international financial institutions,” the premier said.

The government was pursuing a policy of economic reforms and the implementation work was “rapidly in progress” over the right-sizing policy of the government which he himself was monitoring, PM Shehbaz said.

He expressed the confidence that its positive impact on the economy would be visible soon.

The prime minister also acknowledged that the federal and Punjab governments had provided a “big relief” to the electricity consumers in respect of monthly bills and added the prices of petroleum products were further reduced.

The prime minister said that the government believed in passing on all the benefits of such policies to the common people.

“The economy was moving towards stability owing to the hard work of the government’s economic and financial team,” he said and added that the government was cognisant of the issues of the people and was striving to resolve them.