Pakistan’s Consumer Confidence Index (CCI) improved marginally to 36.6 points in September 2026 from 36.4 points in August, according to the latest survey report released by the State Bank of Pakistan (SBP). The slight increase indicates a modest improvement in consumer sentiment, although the index remained well below the level associated with an optimistic outlook.
The CCI measures consumers’ perceptions of economic conditions as well as their own financial circumstances. It captures both views about changes experienced during the previous 12 months and expectations regarding economic and financial conditions over the coming 12 months.
Despite the improvement in the overall index, inflation expectations increased during September. Consumers’ inflation expectations rose to 18.6% from 17.1% in August, pointing to stronger concerns about future price increases. The rise in expected inflation came even as the overall consumer confidence measure recorded a small increase. Households also reported a marginal deterioration in their financial conditions. The Financial Conditions Index declined to 39.4 points in September from 39.5 points in August. The limited movement suggests that household perceptions of their financial position remained broadly weak during the latest survey period.
Expectations regarding unemployment also deteriorated slightly. The Expected Unemployment Index increased to 72.9 points in September from 72.6 points in August. The higher reading reflects greater concern among consumers about unemployment conditions over the period ahead.
The CCI is measured on a scale ranging from 0 to 100. A reading above 50 indicates an optimistic outlook among consumers, while a reading below 50 reflects a pessimistic view of future economic conditions. With the September reading at 36.6, consumer sentiment therefore remained in pessimistic territory despite the monthly improvement. The survey provides an indication of how households are responding to economic developments and how they expect conditions to evolve. The current component reflects economic changes witnessed over the preceding 12 months, while the expectations component considers anticipated changes over the next 12 months.
The September results present a mixed picture for household sentiment in Pakistan. While the overall Consumer Confidence Index edged higher, consumers continued to report weak financial conditions and elevated concerns about unemployment. The sharp increase in inflation expectations also indicates that price pressures remain an important factor shaping household expectations. The latest reading suggests that the small improvement in overall confidence has not yet translated into a broad improvement across other measures of household sentiment. Continued monitoring of inflation expectations, financial conditions and employment perceptions will remain important for assessing changes in consumer confidence in the months ahead.
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