Islamabad, The country’s inflation rate has continued its downward trend, reaching 11.8 percent in May, marking a significant decrease from the previous month. Simultaneously, the rupee has maintained its stability against the dollar, further reflecting positive economic indicators.

According to Ministry of Information and Broadcasting, the drop in the inflation rate, the lowest since November 2021, has been influenced by the government’s economic policies. These policies have also fostered increased public confidence in the economic direction of the country, as shown in the recent Pakistan Consumer Confidence Index Survey. This survey indicates an increase in the number of people who believe the country is heading in the right direction, and a significant rise in those describing the state of the economy as strong.

Further economic data shows an improvement in the comfort level of Pakistanis in making daily household purchases and in their confidence to save for the future. The government’s immediate measures, such as broadening the tax net, boosting foreign investment, and reducing fuel prices, have contributed to these positive outcomes. Last week, the Oil and Gas Regulatory Authority (OGRA) announced reductions in petrol and LPG prices.

Moreover, in May, the Federal Board of Revenue (FBR) exceeded its revenue target, collecting 760 billion rupees and registering over twenty-one thousand retailers under its Tajir Dost Scheme. Additionally, in a significant move in the energy sector, Saudi Aramco acquired a 40 percent stake in Gas and Oil Pakistan, marking a notable foreign investment achievement.