December 19, 2024 (MLN): The Consumer Price Index (CPI) dropped to 4.9% in November 2024, represents the lowest level of inflation since April 2018 (3.96%), reflecting the government's consistent policies and sectoral improvements to bolster economic stability.
This statement was made by the Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb during the Economic Coordination Committee (ECC) meeting, as per the press release issued yesterday.
He emphasized the government's focus on advancing economic diversification, strategic investments in agriculture, manufacturing, and infrastructure, alongside ongoing reforms to strengthen the financial system.
The Minister also highlighted the progress made towards economic stability, the continued improvement in various economic sectors, and the government's firm resolve to maintain and accelerate this momentum.
The current CPI figure marks the lowest in the past 78 months, signaling a positive shift in the country's inflationary trends.
The decline in CPI reflects the government's success in managing inflationary pressures and restoring price stability, particularly for essential commodities.
The ECC also acknowledged the critical role of public-private partnerships in achieving long-term economic growth and job creation.
The ECC was also briefed on the substantial reduction in the prices of several essential goods and services.
Among the items that have seen price drops are wheat flour, chillies powder, diesel, petrol, pulses, onions, basmati rice, electricity charges, sugar, plain bread, tea, soap, chicken, eggs, tomatoes, garlic, firewood, and salt.
Federal Minister emphasized that the positive trends observed in economic indicators reflect the effectiveness of the government’s targeted measures and commitment to steering the country towards greater prosperity.
These reductions are seen as critical measures that have eased the financial burden on the common man and strengthened the purchasing power of the population.
Minister Aurangzeb reiterated that the government remains fully committed to ensuring that the positive trajectory of the economy continues.
He emphasized that the government's fiscal policies, including effective management of public finances, trade, and energy sectors, have contributed significantly to the improvement in these indicators.
The Minister also reassured the public and business community that the government would remain focused on addressing inflation, stabilizing the currency, and improving domestic production.
During the meeting, it was noted that while the country is experiencing a period of economic stability, continued efforts are required to maintain this progress.
The meeting reaffirmed the government's commitment to ongoing reforms and stabilization measures aimed at ensuring economic growth and improving the living standards of the people.
The Economic Coordination Committee will continue to closely monitor developments and take proactive steps to safeguard economic stability and foster sustainable growth.
The Finance Minister expressed optimism that the progress made so far would serve as a foundation for future successes, as the government remains dedicated to building a prosperous and stable Pakistan.
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Posted on: 2024-12-19T09:51:55+05:00