May inflation rises 11.7% YoY

June 01, 2026 (MLN): Pakistan's headline Consumer Price Index (CPI) inflation accelerated to 11.7% year-on-year (YoY) in May 2026, up from 10.9% in April 2026 and well above the 3.5% recorded in May 2025, the Pakistan Bureau of Statistics (PBS) reported on Monday.

On a month-on-month (MoM) basis, inflation rose 0.5% in May 2026, easing from a 2.5% increase in April but reversing a 0.2% decline seen in the same month last year.

Cumulatively, on a 11MFY26 basis, the average CPI stands at 6.69% compared to 4.61% in the same period last year.

Urban CPI inflation climbed to 11.8% YoY in May, up from 11.1% in April and above the 3.5% recorded in May 2025. On a monthly basis, urban prices rose 0.7%, slowing from a 2.7% increase in April but above the 0.1% gain seen a year earlier.

Rural inflation also accelerated, rising to 11.5% YoY from 10.6% in April and sharply higher than the 3.4% recorded in May 2025. Monthly rural prices increased 0.3%, easing from a 2.1% rise in April and reversing a 0.5% decline seen a year earlier.

The Sensitive Price Index rose 12.0% YoY in May, up from 10.1% in April and swinging from a 0.6% contraction recorded in May 2025. On a monthly basis, the SPI rose 0.7%, compared to a 2.0% gain in April and a 1.0% decline a year earlier.

Wholesale price pressures remained elevated. The Wholesale Price Index rose 12.7% YoY in May, easing slightly from 13.6% in April but sharply above the 0.4% gain recorded in May 2025. On a monthly basis, WPI fell 0.8%, reversing a 5.1% increase in April, with no change recorded in the same month last year.

Core inflation signals continued to firm. Urban non-food non-energy (NFNE) inflation rose to 9.0% YoY from 8.0% in April and above the 7.3% seen a year ago. Monthly urban NFNE rose 1.3%, slowing from 1.9% in April but above the 0.4% recorded in May 2025.

Rural NFNE edged down to 8.4% YoY from 8.5% in April, though remaining below the 8.8% seen in May 2025. On a monthly basis, rural core prices rose 0.2%, slowing from 1.1% the prior month, matching the 0.4% recorded a year ago.

The 20% weighted trimmed mean pointed to continued broadening of underlying pressures. Urban trimmed mean inflation rose to 9.8% YoY from 9.2% in April and 4.9% in May 2025, with monthly growth of 0.6%. The rural trimmed mean rose to 9.6% YoY from 8.9% in April and 4.7% a year earlier, with a monthly increase of 0.8%, though reversing a 0.2% decline recorded in May 2025.

Overall, the May data reflects a continued intensification of inflationary pressures, with headline inflation rising further on an annual basis and remaining multiples above year-ago levels across both urban and rural economies.

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