October inflation falls to 9.6%

November 02, 2026 (MLN): The National Consumer Price Index (CPI) increased by 9.6% on a year-on-year basis in October 2026, easing from 10.3% in the previous month but remaining well above the 6.2% recorded in October 2025.

On a month-on-month basis, inflation rose by 1.1% in October 2026, compared with an increase of 1.3% in the previous month and 1.7% in October 2025, data released by the Pakistan Bureau of Statistics (PBS) showed.

On a 4MFY27 basis, the average CPI stands at 10.1% compared to 4.8% in the same period last year.

Urban CPI inflation rose by 9.5% YoY in October, down from 10.1% in September, against 6.0% a year earlier. Rural inflation eased to 9.8% YoY from 10.5% in September, compared with 6.6% in October 2025.

On a monthly basis, urban inflation increased by 0.8%, down from 1.3% in September and 1.4% a year earlier. Rural inflation rose by 1.5%, up from 1.2% in the previous month but below the 2.1% rise a year earlier.

The Sensitive Price Index (SPI), which tracks essential and fast-moving items, increased by 8.7% YoY in October, up from 8.4% in September and well above the 4.8% increase a year earlier. On a monthly basis, SPI inflation rose by 1.3%, compared with 1.0% in September and 0.9% in October 2025.

Wholesale price pressures intensified further, with the Wholesale Price Index (WPI) rising by 13.8% YoY, up from 13.3% in September and 1.1% in October 2025. On a monthly basis, the WPI increased by 0.9%, compared with 1.9% in the previous month and 0.5% a year earlier.

Core inflation readings eased. Urban non-food non-energy (NFNE) inflation slowed to 7.8% YoY from 8.6% in September, against 7.5% in October 2025, while rural NFNE eased to 7.1% from 8.1%, compared with 8.4% a year earlier.

On a monthly basis, urban NFNE rose by 0.4%, up from 0.2% in September, and rural NFNE rose by 0.3%, up from 0.2%.

The 20% weighted trimmed mean also moderated. The urban trimmed mean eased to 8.5% YoY from 9.4% in September, and the rural trimmed mean declined to 8.9% from 9.4%.

 On a monthly basis, the urban trimmed mean increased by 0.5%, compared with 0.3% in the previous month, while the rural measure rose by 1.0%, up from 0.4%.

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