Cooking oil, ghee prices go down in Pakistan

In a welcome move, the Utility Stores Corporation has reduced prices of essential items, including cooking oil, ghee, and others, by up to 10% across Pakistan.

The decision comes after the country’s inflation rate dropped to a single digit, with the core inflation measured by the Consumer Price Index (CPI) reaching a 34-month low of 9.6% in August 2024.

The price reduction, effective immediately, affects over 800 items, with decreases ranging from Rs8 to Rs200.

The new prices apply to various products, including tea, detergent, noodles, ketchup, tetra pack milk, powdered milk, spices, pickles, soap, and toothpaste.

The Benazir Income Support Program (BISP) subsidy at Utility Stores Corporation has been temporarily suspended, with authorities promising to reinstate it soon under a new procedure.

Meanwhile, the management of Utility Stores Corporation has initiated a new strategy aimed at providing excellent services and ensuring the availability of high-quality and affordable goods.

The recent drop in inflation is a positive sign for the country’s economy, with the CPI inflation rate decreasing from 11.1% in July 2024 to 9.6% in August 2024.

This represents a significant decline from the same month last year, when the inflation rate stood at 27.4%.