Islamabad: The latest meeting of the National Price Monitoring Committee, chaired by the Federal Minister for Planning, Development and Special Initiatives, revealed a significant decline in inflation rates across Pakistan, with September 2024 marking a 44-month low at 6.9%. This substantial decrease from a peak of 38.0% in May 2023 reflects concerted government efforts to stabilize the economy and reduce prices.

According to Ministry of Planning Development and Special Initiatives announcement issued on 08 October 2024, the meeting, which also saw participation from the Federal Minister for Petroleum Mussadiq Malik, addressed the current inflation scenario as presented by the Pakistan Bureau of Statistics (PBS). The PBS reported not only a general downturn in inflation but also detailed notable decreases in key areas such as urban food inflation, which plummeted to 1.7% from 33.9% over the past year, and rural food inflation which registered a negative (-0.9%).

Furthermore, the meeting highlighted significant reductions in the prices of essential commodities like wheat flour and petrol, which saw declines of 37.1% and 20% respectively compared to the previous year. Despite these positives, challenges remain, particularly in the translation of lower petroleum prices into reduced transport service rates, prompting calls from the ministers for provincial governments to enforce price control measures more rigorously.

The ministers emphasized the government’s commitment to providing relief to the citizens and ensuring strict enforcement of pricing mechanisms to minimize the wholesale-retail price differential and reduce transportation costs. The ongoing efforts are part of a broader strategy to enhance economic stability and support the common man.