IS the worst truly behind us? It is difficult to say. Some will look at the glass as half empty, others will see it as half full.

While consumer inflation eased in the month of October, it still registered at a painful 26.9pc. For the layperson, this means that, on average, they had to pay 27pc more for the same quantity of goods and services they were consuming a year earlier. Some items were markedly more expensive: for example, in urban areas, citizens on average paid Rs185 for the same quantity of condiments and spices that cost Rs100 in October last year. Likewise, they paid Rs170 to buy the same amount of sugar that cost Rs100 in October 2022. Every kilo of wheat flour, too, was 64.4pc costlier than last year; rice was up 62.3pc. The sharp drop in fuel prices from previous months would have helped create some breathing space, as would the fall in prices of perishable food items. But, because incomes invariably did not rise in proportion, the vast majority would have had to make difficult decisions about how to allocate their already squeezed household budgets.

While some quarters seem keen to celebrate the declining trend in headline inflation as a success for the current managers of the economy, it would be wiser to resist that temptation.

The current `reduced` rate of 27pc is still painfully high for the majority of Pakistani households, who have likely already exhausted any margin they may have had between their needs and income. For many, coping with inflated prices is no longer a question of cutting unnecessary expenses, it is about how much they can still afford to eat while keeping their heads above water. Further price increases, even at a diminished pace, will only take more food off their table. This does not, therefore, seem like a moment to celebrate. One also cannot ignore the fact that Pakistan`s exchange rate woes haven`t disappeared. In fact, the pressures seem to be building up again, as evidenced by recent movements in the currency markets. The disturbance in the Middle East also looms large, and any major escalation there could spell catastrophe for Pakistan`s struggling economy.

Whatever room the government currently has ought to be utilised to restore economic stability and restart the economic engine. This is no time for complacency.