Pakistan’s inflation surged to 10.9 percent in April 2026, the highest level in almost two years, according to Arif Habib Limited.
Consumer prices this time have shot up at a much faster pace compared to both the previous month and the same period last year, according to the latest data released by Pakistan Bureau of Statistics.
The Consumer Price Index (CPI) inflation increased by 10.9 percent year-on-year in April 2026, up from 7.3 percent in March 2026 and just 0.3 percent recorded in April 2025. On a month-on-month basis, inflation rose 2.5 percent, compared to a 1.2 percent increase in the previous month, while prices had declined by 0.8 percent in April last year.
Urban inflation showed slightly stronger price pressures. CPI inflation in urban areas rose 11.1 percent year-on-year, compared to 7.4 percent in March 2026 and 0.5 percent in April 2025. On a monthly basis, urban prices increased 2.7 percent, higher than the 1.3 percent rise recorded a month earlier, whereas prices had fallen 0.7 percent during the same month last year.
Rural inflation also accelerated, reaching 10.6 percent year-on-year in April 2026, up from 7.2 percent in the previous month, compared to a 0.1 percent decline in April 2025. Month-on-month rural inflation increased 2.1 percent, compared with a 1.0 percent increase in March, while prices had declined 1.0 percent a year earlier.
The Sensitive Price Indicator (SPI), which tracks essential commodities, rose 10.1 percent year-on-year in April 2026, significantly higher than the 5.6 percent increase recorded in March and reversing a 3.6 percent decline seen in April 2025. On a monthly basis, SPI inflation increased 2.0 percent, compared to 0.7 percent in the previous month, while prices had fallen 2.1 percent last year.
Wholesale Price Index (WPI) inflation registered an even sharper increase, rising 13.6 percent year-on-year in April 2026, compared to 6.7 percent in March and a 2.2 percent decline in April 2025. On a monthly basis, wholesale prices increased 5.1 percent, slightly lower than the 5.9 percent increase recorded in the previous month but significantly higher than the 1.3 percent decline observed a year earlier.
Core Inflation
Core inflation, measured through the non-food non-energy (NFNE) index, also moved upward. Urban core inflation rose 8.0 percent year-on-year, compared to 7.4 percent in March 2026 and the same level recorded in April 2025. On a monthly basis, urban core inflation increased 1.9 percent, up from 0.7 percent in the previous month and 1.3 percent in April last year.
Rural core inflation measured through NFNE increased 8.5 percent year-on-year, compared to 8.4 percent in March 2026, although slightly lower than the 9.0 percent recorded in April 2025. Month-on-month rural core inflation rose 1.1 percent, compared with 0.8 percent in the previous month and 0.9 percent during the same period last year.
Trimmed Core Inflation
Trimmed core inflation, measured using a 20 percent weighted trimmed mean, also recorded notable increases. Urban trimmed inflation rose 9.2 percent year-on-year, sharply higher than 5.9 percent in March 2026 and 3.8 percent in April 2025. On a monthly basis, it increased 1.1 percent, compared to 0.6 percent a month earlier and 0.3 percent in April last year.
Similarly, rural trimmed core inflation increased 8.9 percent year-on-year, up from 6.3 percent in the previous month and 3.3 percent in April 2025. On a monthly basis, rural trimmed inflation rose 1.0 percent, compared to 0.5 percent in March, while prices had declined 0.1 percent during the same month last year.
