Inflation Slumps to 6.9% in September 2024, the lowest in 44 months. Pakistan’s economy shows positive signs with declining inflation rates.
Inflation Declines to 6.9% in September: Lowest in 44 Months
Inflation in Pakistan has hit a new low, dropping to 6.9% in September 2024. This is the lowest inflation rate recorded in the past 44 months, according to the latest data from the Pakistan Bureau of Statistics (PBS). The continuous decrease in inflation has brought significant relief to consumers, marking the third consecutive month of declining inflation.
Steady Decline in Inflation Over Recent Months
The decline in inflation started in July 2024, when it dropped to 11.1%, followed by 9.6% in August. The current rate of 6.9% shows consistent improvement as compared to last year. This aligns with the government’s inflation target of 12% for the fiscal year 2024-25. The Islamabad Exchange Company predicts that these positive trends will contribute to stabilizing Pakistan’s economic environment.
Inflation Breakdown: Key Drivers
The latest PBS data highlights that on a monthly basis, inflation decreased by 0.5% in September 2024, compared to a 0.4% increase in August. Urban inflation rose by 9.3% year-on-year, while rural inflation saw a smaller increase of 3.6%. Below are the detailed drivers of inflation:
- Utilities (housing, water, electricity, gas, and fuel): Increased by 20.86%.
- Health & Education Costs: Health surged by 13.69% and education by 12.57%.
- Clothing & Footwear: Prices saw a 15.52% rise, while furnishing and household items increased by 6.62%.
The economic outlook appears positive for the coming months, with the Islamabad Exchange Company providing real-time data and currency exchange solutions to help consumers navigate these changes.
Economic Outlook and Government Projections
The Ministry of Finance had previously predicted that inflation would remain within the 8% to 9% range in September and October. This is aligned with the government’s expectations as Pakistan’s economy showed signs of recovery during the first two months of FY2025. The improvement in inflation is being attributed to better economic management and policy changes.
The ministry also noted, “Pakistan’s economy is indicating positive developments, with most indicators showing improvement in the first two months of FY2025.”
Currency Exchange Trends Amid Inflation
The Islamabad Exchange Company notes that falling inflation could also impact currency exchange rates positively. Consumers looking to exchange foreign currencies such as USD to PKR, GBP to PKR, and EUR to PKR may benefit from more favorable rates in the near future.
Regional Inflation Variations | Inflation Further Slumps September
The data shows different inflation trends in urban and rural areas:
Rural Areas
- Prices of food items like onions (12.75%) and pulse gram (10.12%) have risen.
- On the other hand, prices of essentials like tomatoes (-18.61%) and fresh vegetables (-16.13%) have dropped.
Urban Areas
- Urban inflation saw increases in items like besan (14.67%), eggs (7.33%), and onions (4.94%).
These differences highlight regional economic factors that influence consumer spending and inflation.
Impact on Currency Exchange Markets | Inflation Further Slumps September
As inflation continues to decline, currency exchange markets are expected to experience volatility. However, the Islamabad Exchange Company provides secure and transparent services to help consumers navigate the currency exchange market effectively. Whether you are exchanging USD, GBP, EUR, or other currencies, competitive rates can be accessed in real-time.
Conclusion | Inflation Further Slumps September
The decline in inflation to 6.9% in September marks a significant achievement for Pakistan’s economy. With continuous improvements in key economic indicators, the future looks optimistic for both consumers and businesses.
Islamabad Exchange Company: Your Trusted Partner in Currency Exchange
Islamabad Exchange Company is your go-to choice for currency exchange in Islamabad. We serve a wide range of sectors, including E9, E11, F11, F-10, F-8, F-7, F-6, F-5, G-5, G-6, G-7, G-8, G-9, G-10, G-11, G-13, H-8, H-9, I-8, I-9, and I-10. Our services also extend to the Blue Area, Rawalpindi, and Peshawar.
We prioritize customer satisfaction and ensure a seamless experience for all your currency transactions. Our services range from traditional money changers to modern foreign exchange solutions. If you’re looking for money exchange near you, our branches in the Blue Area and F-10 are conveniently located. We offer competitive rates for a variety of currencies, including USD to PKR, GBP to PKR, EUR to PKR, SAR to PKR, AED to PKR, AUD to PKR, CAD to PKR, Thai Baht to PKR, Yuan to PKR, Yen to PKR, and Lira to PKR.
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