Inflation rate drops, rupee witnesses stability against dollar

Inflation rate in the country continues to fall while rupee witnesses stability against dollar for another consecutive month.

According to the recent economic figures, government’s prudent economic policies have decreased the inflation rate to 11.8 percent during the month of May that is 3.2 percent lower than the previous month.

It is the lowest inflation reading since November 2021.

According to the recent Pakistan Consumer Confidence Index Survey, public confidence in country’s economic strength has increased manifold.

It has outlined that the number of people have increased from 12 percent to 18 percent who believe that country is heading in the right direction. The number of Pakistanis have quadrupled who described country’s current state of economy as strong.

Proportion of Pakistanis being comfortable making daily household purchase has increased 2.5 times while people expressing their confidence in their ability to save for the future increased from 11 percent to 15 percent.

It is pertinent to m
ention that government’s instant measures have resulted in broadening tax net, increased foreign investment and decrease in fuel prices.

During last week, OGRA reduced petrol prices by 4.74 rupees per litre and LPG by 3.87 rupees per kilogram.

In the month of May, FBR surpassed its revenue target with 760 billion rupees collection. Over twenty one thousand retailers were registered under FBR’s Tajir Dost Scheme.

In foreign investment, Saudi Aramco acquired 40 percent stakes in Gas and Oil Pakistan.

Source: Radio Pakistan