The prices of essential kitchen staples, banaspati ghee and cooking oil, have surged by up to 20% over the past two months, leaving households reeling under increased financial pressure.
The rise comes despite government claims of a downward trend in inflation, sparking concern among citizens already grappling with high living costs.
According to reports, the price of ghee has risen by Rs30 to Rs120 per kilogram in various cities, while cooking oil rates have increased by Rs50 to Rs150 per litre. Retailers have confirmed that the hike is affecting households nationwide, with prices varying based on brand and quality.
December 2024 rates for ghee, cooking oil
The retail price of premium-grade ‘A’ quality ghee now ranges between Rs505 and Rs559 per kilogram. In Lahore and other urban centres, the cost of Sufi ghee has surged to Rs350 per kilogram. Meanwhile, mid-range ‘B’ quality ghee is priced between Rs440 and Rs500 per kilogram.
Cooking oil rates have followed a similar trajectory, with shopkeepers attributing the increase to the soaring costs of raw materials in the international market. Wholesale dealers have also pointed to global supply chain issues as a significant factor driving the price surge.
CPI inflation shows signs of deceleration
Interestingly, the surge in ghee and oil prices comes at a time when Pakistan Bureau of Statistics (PBS) data indicates a deceleration in core inflation. The Consumer Price Index (CPI) for November 2024 stood at 4.9%, a notable decline from 7.2% in October 2024.
This figure represents a significant improvement compared to the 29.2% inflation recorded in November 2023.
On a month-on-month basis, inflation increased by 0.5% in November 2024, showing a slower pace compared to the 1.2% increase in October. However, for struggling households, this statistical improvement offers little solace as the prices of essential commodities continue to rise unchecked.
