Pakistan July Inflation at 9.2%

Pakistan's Consumer Price Index (CPI) rose 9.2% year-on-year in July 2026, easing from 11.1% in June but remaining significantly higher than the 4.1% recorded in July 2025, according to the latest figures released by the Pakistan Bureau of Statistics (PBS).

On a month-on-month basis, inflation increased 1.19%, reversing the 0.3% decline recorded in June.

Urban inflation stood at 8.72% year-on-year in July, down from 11.2% in the previous month, while rural inflation eased to 9.93% from 10.9% in June.

Both the urban and rural CPI indices increased by 1.2% compared with the previous month.

Food prices remained the primary driver of monthly inflation. In urban areas, perishable food prices surged 17.69% month-on-month, led by tomatoes, which soared 116.75% over June. Onions increased 20.15%, potatoes climbed 21.54%, chicken rose 19.05%, and eggs became 14.30% more expensive.

On an annual basis, several food items recorded sharp price increases in urban areas. Tomatoes jumped 174.74%, wheat rose 77.71%, onions increased 75.86%, and wheat flour climbed 67.56% compared with July last year.

However, some food items became cheaper over the year, with potatoes falling 34.36%, sugar declining 20.96%, and chicken dropping 13.49%.

Among non-food items, motor vehicle tax increased 38.68% month-on-month, while communication services rose 19.30%. In contrast, motor fuel declined 8.25%, and electricity charges fell 3.36% during the month.

Compared with a year earlier, liquefied hydrocarbons became 46.43% more expensive, postal services rose 34.70%, and motor fuel increased 16.04%.

Core inflation, measured through the Non-Food Non-Energy (NFNE) index, stood at 8.6% in urban areas and 8.1% in rural areas. The 20% weighted trimmed mean placed urban core inflation at 7.5% and rural core inflation at 8.0%.

The Sensitive Price Indicator (SPI), which measures short-term price changes in essential commodities, increased 12.04% year-on-year and 2.39% month-on-month for the lowest-income households, while the overall SPI across all income groups rose 11.48% compared with the previous year.

Meanwhile, the Wholesale Price Index (WPI) recorded a 9.43% annual increase and a 0.03% monthly rise. Prices in the agriculture, forestry and fisheries sector climbed 7.44% month-on-month, driven mainly by vegetables, which increased 40.32%, and edible roots and potatoes, which rose 36.25%.

On the other hand, furnace oil prices declined 15.79%, while motor spirit (petrol) fell 10.07% during the month.

On a yearly basis, wheat in the wholesale index increased 81.41%, wheat flour rose 69.24%, footwear climbed 51.86%, kerosene oil increased 42.97%, while furnace oil and diesel oil recorded annual increases of 33.33% and 27.21%, respectively.

Comparing July inflation over the past three years, national CPI stood at 9.20% for 2026-27, compared with 4.06% in 2025-26 and 11.09% in 2024-25. Urban inflation was 8.72%, compared with 4.43% and 13.18% in the previous two years, while rural inflation measured 9.93%, compared with 3.53% and 8.14%, respectively.