In a timely and commendable effort, the interim government has stepped in to alleviate the burden of soaring food and fuel prices on the people. Significant reductions in the prices of various ghee brands at Utility Stores are set to provide much-needed relief to a nation grappling with record-high inflation.
Ghee, a household staple, has witnessed a noteworthy price adjustment, with known brands experiencing a substantial Rs 60 price cut. Previously priced at Rs 455 per kilo, these ghee brands are now available at a more affordable Rs 394 per kilo. Lesser-known brands have also seen their prices drop, offering consumers a respite from the financial strain caused by rising costs.
Moreover, cooking oil prices have also been trimmed down, despite the ongoing inflationary pressures that have gripped the crisis-hit nation. This reduction in cooking oil prices is another step towards stabilizing the economic situation for ordinary citizens.
The latest report from the Pakistan Bureau of Statistics (PBS) reveals the harsh reality of the inflation crisis. The Consumer Price Index (CPI)-based inflation has surged to a staggering 31.4 percent in September 2023, compared to the same month the previous year. August had already witnessed a steep inflation rate of 27.4 percent, and September 2022 recorded a relatively lower 23.2 percent, according to PBS data.
Delving deeper into the numbers, we see that on a month-on-month basis, the inflation rate rose to 2.0 percent in September 2023, compared to a 1.7 percent increase the previous month and a significant 1.2 percent decrease in September 2022.
