PM Shehbaz welcomes decline in inflation, upgraded credit rating

Prime Minister Shehbaz Sharif on Sunday expre­ssed satisfaction over a falling rate of inflation and improvements in other economic indicators. In a statement from the Prime Minister’s Office (PMO), he noted that the Consumer Price Index (CPI) fell to 11 per cent in July and welcomed economists’ forecasts predicting a further decline. The premier’s statement came after the Ministry of Finance said in its August outlook on Friday that inflation was expected to remain in the range of 9.5-10.5pc in August and further decline to 9-10pc in September “on account of stability in economic indicators”. “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,” said PM Shehbaz.