Inflation plummets to 44-month low of 6.9pc

The annual consumer inflation plunged to a 44-month low of 6.9 per cent in September, owing to a steady decline in global commodity prices, an increase in domestic agricultural production and a stable currency rate. The headline inflation, measured by the Consumer Price Index (CPI), had slowed the previous month to 9.6pc, the first single-digit reading in more than three years, data released by the Pakistan Bureau of Statistics showed on Tuesday. The monthly consumer price index in September stood at -0.5pc, reflecting that the overall prices dropped compared to the previous month. The decline in inflation is partly attributed to a high-base effect from last year when annual inflation stood at 31.4pc. However, Prime Minister Shehbaz Sharif and key cabinet members credited the government’s economic reforms. “This is the result of the government’s hard work and economic policies,” he said, adding that the inflation drop proved the economy was stabilising.