Bloomberg reports that the consumer price index (CPI) of Pakistan marked the lowest reading since the index was created in 2017.

According to the Bloomberg, the State Bank of Pakistan has been reducing policy rates since June of the previous year to stimulate demand and foster economic recovery.

In an interview in January this year, Governor State Bank of Pakistan, Jameel Ahmad said the stable macro-economic conditions are providing the country confidence to review and revise the policy rate downward.

In January, food prices decreased by 4.15 percent compared to the previous year, following a decline of 3.13 percent.

Furthermore, housing and energy costs also saw a reduction of 0.57 percent last month.