July inflation rises 9.2% YoY

August 03, 2026 (MLN): The National Consumer Price Index for July 2026 increased by 9.2% on year-on-year basis in July 2026 as compared to an increase of 11.1% in the previous month and 4.1% in July 2025.

On month-on-month basis, it increased by 1.2% in July 2026 as compared to a decrease of 0.3% in the previous month and an increase of 2.9% in July 2025, according to data released by the Pakistan Bureau of Statistics (PBS) showed.

Urban CPI inflation eased to 8.7% YoY in July from 11.2% in June, while rural inflation slowed to 9.9% YoY from 10.9% in June, with both readings remaining multiples above their respective year-ago levels of 4.4% and 3.5%. On a monthly basis, urban and rural inflation both rose 1.2%, compared with a 0.5% decline and no change, respectively, in June.

The Sensitive Price Index (SPI), which tracks essential and fast-moving items, rose 12.0% YoY in July, down from 12.8% in June, swinging from a 0.9% contraction a year earlier. On a monthly basis, SPI inflation rose 2.4%, up from 0.7% in June.

Wholesale price pressures moderated further, with the Wholesale Price Index (WPI) rising 9.4% YoY, down from 10.7% in June but well above the 0.5% contraction recorded in July 2025. On a monthly basis, the WPI was flat, following a 1.2% decline in June.

Core inflation measures softened across the board. Urban non-food non-energy (NFNE) inflation eased to 8.6% YoY from 8.7% in June, while rural NFNE rose to 8.1% YoY from 7.9% in June. The 20% weighted trimmed mean also moderated, with the urban trimmed mean easing to 7.5% YoY from 9.6% in June and the rural trimmed mean slowing to 8.0% YoY from 9.3% in June.

The July data points to a moderation in annual inflationary pressures even as monthly price momentum picked up, with headline inflation easing sharply on a year-on-year basis while price levels remained substantially above year-ago levels across urban and rural economies.

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