Pakistan inflation hits 11.7% in May 2026, highest since June 2024

Pakistan’s headline inflation clocked in at 11.7% on a year-on-year (YoY) basis in May 2026, as shown by Pakistan Bureau of Statistics (PBS) data on Monday.

This is the highest reading since June 2024, said Arif Habib Limited (AHL).

The consumer price index (CPI) was recorded at 10.9% in April 2026. The CPI stood at 3.5% in May 2025.

On a month-on-month basis, it increased by 0.5% in May 2026 as compared to an increase of 2.5% in the previous month and a decrease of 0.2% in May 2025.

During the first eleven months of the fiscal year, inflation stood at 6.69% against 4.61% recorded in the same period last year.

CPI inflation urban increased by 11.8% on a year-on-year basis in May 2026, as compared to an increase of 11.1% in the previous month and an increase of 3.5% in May 2025.

On a month-on-month basis, it increased by 0.7% in May 2026 as compared to an increase of 2.7% in the previous month and an increase of 0.1% in May 2025.

CPI inflation rural increased by 11.5% on a year-on-year basis in May 2026 as compared to an increase of 10.6% in the previous month and an increase of 3.4% observed in May 2025.

On a month-on-month basis, it increased by 0.3% in May 2026 as compared to an increase of 2.1% in the previous month and a decrease of 0.5% in May 2025.

SPI inflation on a YoY basis increased by 12.0% in May 2026 as compared to an increase of 10.1% in the previous month and a decrease of 0.6% in May 2025.

On a MoM basis, it increased by 0.7% in May 2026 as compared to an increase of 2.0% in the previous month and a decrease of 1.0% in May 2025.

The State Bank of Pakistan (SBP) increased its policy rate by 100 basis points (bps) to 11.50% in April. This was the first increase in almost three years.