Pakistan’s inflation climbed to its highest level in 19 months in March 2026, reflecting significant increases in consumer and wholesale prices. The Consumer Price Index (CPI) general rose by 7.3 percent year-on-year (YoY), up from 7.0 percent in February and 0.7 percent in March 2025. On a month-on-month (MoM) basis, CPI increased by 1.2 percent, compared to 0.3 percent in February and 0.9 percent a year ago.
Urban CPI inflation accelerated to 7.4 percent YoY, up from 6.8 percent in February and 1.2 percent in March 2025, while MoM it rose 1.3 percent. Rural CPI increased 7.2 percent YoY, slightly below February’s 7.3 percent, with a MoM rise of 1.0 percent, marking steady growth in rural price pressures.
The Sensitive Price Index (SPI) rose 5.6 percent YoY, after a 4.8 percent increase in February, while MoM it increased 0.7 percent, reversing a 0.1 percent decline in the previous month. Meanwhile, the Wholesale Price Index (WPI) surged 6.7 percent YoY, sharply up from 1.0 percent in February and down 1.6 percent in March 2025. MoM WPI jumped 5.9 percent, reflecting growing cost pressures in the supply chain.
Core inflation, measured by non-food non-energy (NFNE) items, showed a steady rise. Urban NFNE increased 7.4 percent YoY, from 7.1 percent in February, with a MoM growth of 0.7 percent. Rural NFNE rose 8.4 percent YoY, slightly higher than 8.3 percent last month, with MoM growth of 0.8 percent.
Trimmed mean core inflation, which excludes extreme price swings, recorded a 5.9 percent YoY rise in urban areas, up from 5.1 percent in February, with a MoM increase of 0.6 percent. In rural areas, trimmed mean inflation grew 6.3 percent YoY from 5.6 percent in February, with a MoM rise of 0.5 percent.
The data indicates sustained upward pressure on prices, with urban areas experiencing slightly higher inflation than rural regions. March 2026 marks the highest inflation reading since August 2024, highlighting ongoing cost-of-living challenges for households across Pakistan.
