ISLAMABAD, Sep 01 (DNA): Prime Minister Muhammad Shehbaz Sharif on Sunday expressed his satisfaction over the nosediving of inflation rate in the country and the indicators of Pakistan Bureau of Statistics, showing a decline in the inflation rate.

The prime minister said that ‘Consumer Price Index’ fell to record low in July 2024, bringing inflation to 11 percent and welcomed the economists’ forecast of further decline in inflation in the current month of September.

“After Fitch, the global rating agency, Moody’s recently upgraded Pakistan’s credit rating, which is an acknowledgement of country’s positive economic indicators by the international financial institutions,” PM Office Media Wing, in a press release, quoted the prime minister as saying.

The prime minister further said that the government was pursuing a policy of economic reforms and the implementation work was rapidly in progress over the right-sizing policy of the government which he himself was monitoring.

He expressed the confidence that its positive impact on the economy would be visible soon.

The prime minister also acknowledged that the federal and Punjab governments had provided a big relief to the electricity consumers in respect of monthly bills, adding the prices of petroleum products were further reduced from today.

The prime minister said that the government believed in passing on all the benefits of such policies to the common man.

The economy was moving towards stability owing to the hard work of the government’s economic and financial team, he added.

He said the government was cognizant of the issues of the people and was striving day and night to resolve them.