Inflation holds steady at 6.1% in November

December 01, 2025 (MLN): The headline inflation in November stood at 6.1%, easing slightly from 6.2% in October but remaining above last year’s 4.9%, according to the monthly data issued by the Pakistan Bureau of Statistics. 

On a monthly basis, consumer prices climbed 0.4%, a notable slowdown from the sharp 1.8% jump recorded in the previous month.

Cumulatively, on a 5MFY26 basis, the average CPI stands at 5.01% compared to 5.72% in the same period last year.

Urban and rural trends moved in different gears. Urban CPI came in at 6.1% YoY, inching up from 6.0% in October, while rural CPI eased to 6.3% compared to 6.6% previously.

Month-on-month, cities posted a 0.5% rise, whereas rural areas saw a softer 0.2% uptick, reflecting relative calm after last month’s volatility.

The Sensitive Price Index (SPI), a key indicator of weekly consumer essentials, also cooled to 4.2% YoY from 4.8%, with MoM inflation slowing to 0.4% from 0.9%.

At the producer level, the Wholesale Price Index (WPI) stayed steady at 1.1% YoY, unchanged from the previous month.

On a monthly basis, wholesale prices slipped 0.2%, reversing October’s 0.5% increase and hinting at easing supply-side cost pressures.

Core inflation, the barometer policymakers track to judge demand-side pressures, continued its gradual descent.

Core NFNE Urban fell to 6.6% YoY (from 7.5%), while Core NFNE Rural eased to 8.2% YoY (from 8.4%). Both measures posted smaller MoM gains, indicating weakening demand-driven pricing.

The trimmed mean measure followed suit as Urban trimmed core dropped to 5.3% YoY from 6.0% while Rural trimmed core dipped to 6.4% YoY from 6.8%

With core prices still sticky and food and energy costs unpredictable, the months ahead will determine whether this cooling trend can hold or if price pressures begin simmering again.

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