June inflation rises 11.1% YoY

July 01, 2026 (MLN): Pakistan's headline Consumer Price Index (CPI) inflation came in at 11.1% year-on-year (YoY) in June 2026, down from 11.7% in May 2026 but still sharply higher than the 3.2% recorded in June 2025, data released by the Pakistan Bureau of Statistics (PBS) showed.

On a month-on-month (MoM) basis, inflation decreased 0.3% in June, reversing a 0.5% increase in May and a 0.2% rise in the same month last year.

Cumulatively, on a 12MFY26 basis, the average CPI stands at 7.05% compared to 4.49% in the same period last year.

Urban CPI inflation eased to 11.2% YoY in June from 11.8% in May, while rural inflation slowed to 10.9% YoY from 11.5% in May, with both readings remaining multiples above their respective year-ago levels of 3.0% and 3.6%.

The Sensitive Price Index (SPI), which tracks essential and fast-moving items, rose 12.8% YoY in June, up from 12.0% in May, swinging from a 1.9% contraction a year earlier. On a monthly basis, SPI inflation held steady at 0.7%, unchanged from May.

Wholesale price pressures moderated further, with the Wholesale Price Index (WPI) rising 10.7% YoY, down from 12.7% in May but well above the 0.6% increase recorded in June 2025. On a monthly basis, the WPI fell 1.2%, extending a 0.8% decline seen in May.

Core inflation measures softened across the board. Urban non-food non-energy (NFNE) inflation eased to 8.7% YoY from 9.0% in May, while rural NFNE slowed to 7.9% YoY from 8.4% in May. The 20% weighted trimmed mean also moderated, with the urban trimmed mean easing to 9.6% YoY from 9.8% in May and the rural trimmed mean slowing to 9.3% YoY from 9.6% in May.

The June data points to a moderation in inflationary pressures after months of acceleration, with headline inflation easing on both an annual and monthly basis, even as price levels remained substantially above year-ago levels across urban and rural economies.

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