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23 Rabi ul Awal 1446  

Pakistan inflation to slow to 8-9% in September and October, says government report

Annual inflation slowed to 9.6% in August, dropping into single digits for the first time in nearly three years
A vendor arranges different types of rice, with their prices displayed, at his shop in a wholesale market in Karachi, Pakistan, June 1, 2015. Reuters
A vendor arranges different types of rice, with their prices displayed, at his shop in a wholesale market in Karachi, Pakistan, June 1, 2015. Reuters

Pakistan’s annual consumer price inflation is set to decrease further to 8-9% in September and October, according to an economic outlook report issued by the finance ministry on Friday.

Annual inflation slowed to 9.6% in August, dropping into single digits for the first time in nearly three years.

On Wednesday, the struggling economy got a boost with the approval of $7 billion in funding from the International Monetary Fund.

Pakistan’s central bank said on Friday it had received a first tranche, worth $1 billion.

The terms of the bailout require the $350 billion economy to maintain fiscal discipline and broaden its tax base.

The report said the government was committed to fiscal consolidation.

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Inflation