The Ministry of Finance has predicted a reduction in inflation in the country

The Federal Ministry of Finance has predicted a reduction in inflation in the country.

The report of the Ministry of Finance said that inflation is likely to be between 27.5 to 28.5 percent in January 2024, while inflation is expected to further decrease to 26.5 to 27.5 percent in February.

It said that economic stability has come in the first half of the financial year, exports and remittances are expected to increase in the second half of the financial year.

The report stated that the cultivation of wheat has exceeded the target by 1.8%, the target production target of 32.1 million tons of wheat will be achieved.

The report said that the current account deficit was 831 million in the first half of the year, the current account deficit was 3.6 billion dollars in the same period last year, and the current account deficit in December 2023 was 379 million surplus.

It stated that the trade deficit is narrowing, exports increased by 21.3% on a year-on-year basis, supply of raw materials to export sectors is improving, imports fell by 3.6% on a year-on-year basis in December 2023.

According to the report, inflation is predicted to decrease further to 26.5 to 27.5 percent in February. In December 2023, the inflation rate had reached 29.66 percent.

According to the report, an increase of 7.5% was recorded in exports in the current financial year.

It said that the budget deficit has increased by 43% from July to December of this financial year, the budget deficit has increased from 1683 billion to 2408 billion rupees.