Islamabad (TDI): The Federal Minister of Planning, Development, and Special Initiatives (PD & SI) chaired a meeting of the National Price Monitoring Committee (NPMC) on Tuesday.
That reveals a significant decline in inflation, which dropped to a 44-month low of 6.9% in September 2024.
The meeting was also attended by the Federal Minister for Petroleum, Mussadiq Malik, and representatives of the Pakistan Bureau of Statistics (PBS). He provided a detailed analysis of the inflation situation.
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According to PBS, inflation has been on a consistent downward trend throughout 2024, dropping from 11.1% in July and 9.6% in August to 6.9% in September, compared to a staggering 38.0% in May 2023.
Food inflation observed the most remarkable change, which saw a sharp decrease. Urban food inflation dropped to 1.7% down from 33.9% last year, while rural food inflation entered negative territory at -0.9% compared to 35.4% in the same period of 2023.
The price of key commodities, such as wheat flour and petrol (super), significantly reduced with wheat flour prices dropping by 37.1% and petrol by 20% compared to the corresponding period last year.
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However, the PBS highlighted gaps between wholesale and retail prices of essential items in various provinces.
Addressing the issue, Minister for Planning Ahsan Iqbal directed provincial governments to reduce transport and retail prices. He emphasized that the benefits of reduced petroleum product prices. That have not yet translated into lower transport costs.
He also stressed the importance of ensuring that consumers fully benefit from these price reductions, especially in the transport and retail sectors.
The ministers reiterated the government’s commitment to providing maximum relief to the public. He highlighted strict enforcement of price control mechanisms across the country. Ahsan Iqbal noted the government’s dedication to minimizing inflation and providing economic relief.
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He argued that no compromise would be made on this issue. Both ministers urged provincial governments to take immediate steps to reduce wholesale retail price gaps and transport costs. They need ensuring fair pricing and effective implementation of government directives.
The downward trend in inflation represents a critical relief for the citizens of Pakistan, in light of global economic challenges and rising costs in previous months.
 chaired a meeting of the National Price Monitoring Committee (NPMC) on Tuesday. That reveals a significant decline in inflation, which dropped to a 44-month low of 6.9% in September 2024.){kind=link}