Despite strong growth in bank deposits, private-sector credit growth remains stagnant. Meanwhile, overall inflation has fallen to single digits due to declining food prices. On the other hand, despite year-on-year economic growth, the National Board of Revenue (NBR) continues to lag behind its revenue collection targets.

These findings were highlighted in the November Economic Update and Outlook report by the General Economics Division (GED) of the Planning Commission. The report was released on Monday.

According to the report, instability is observed in exports, though a moderate recovery is expected.

It further states that inflation is decreasing as food prices stabilize and supply conditions improve. Additionally, due to gradually stabilizing domestic supply chains and reduced pressure from imported goods, overall inflation decreased to 8.17% in October 2025, down from 10.87% in October 2024.

Meanwhile, food inflation dropped from 12.66% to 7.08% in October. However, non-food inflation rose slightly to 9.13%, indicating ongoing pressure on housing, transportation, and healthcare costs.

In the food sector, high rice prices began to decline in the first half of 2025. With the arrival of new Aman harvests in the local market and increased domestic stock through imports and government procurement, supply improved.

Thanks to various government initiatives, average retail rice prices have fallen. Overall rice inflation, which rose from 1.32% in July 2024 to nearly 16% by mid-2025, eased to 13.77% in October 2025. Medium, fine, and coarse rice categories showed similar trends: sharp increases in early 2025 followed by slight declines as new supplies entered the market in August.

The report also notes that rice and fish continue to play dominant roles in food inflation, while vegetable prices help reduce upward pressure.

In October, rice accounted for 47.01% of total food inflation, slightly lower than in September. Fish contributed 39.33%, and meat 13.44%.