Pakistan’s headline inflation eased significantly in July 2026, with the Consumer Price Index (CPI) rising 9.2% year-on-year (YoY), compared with 11.1% YoY in June 2026 and 4.1% YoY in July 2025, according to data released by the Pakistan Bureau of Statistics (PBS).
On a month-on-month (MoM) basis, CPI inflation increased 1.2% in July 2026, following a 0.3% decline MoM in June and a 2.9% increase MoM in July 2025.
Urban CPI inflation slowed to 8.7% YoY in July, compared with 11.2% YoY in the previous month and 4.4% YoY a year earlier. Rural inflation stood at 9.9% YoY, down from 10.9% YoY in June but higher than 3.5% YoY in July 2025.
The Sensitive Price Index (SPI) recorded an increase of 12.0% YoY in July, compared with 12.8% YoY in June, while the Wholesale Price Index (WPI) rose 9.4% YoY, compared with 10.7% YoY in the previous month.
Core inflation also showed mixed trends. Non-Food Non-Energy (NFNE) Urban inflation stood at 8.6% YoY in July, while NFNE Rural inflation increased to 8.1% YoY. The 20% Weighted Trimmed Mean core inflation remained at 7.5% YoY in urban areas and 8.0% YoY in rural areas.
On a monthly basis, core inflation measures recorded moderate increases, with NFNE Urban rising 0.7% MoM, NFNE Rural increasing 0.9% MoM, and trimmed mean inflation rising 0.6% MoM in urban areas and 1.0% MoM in rural areas.
