Pakistan’s annual inflation climbed to 6.15 percent year-on-year (YoY) in November 2025, according to the latest data, showing a marginal decrease from 6.2 percent in October 2025, while remaining above the 4.9 percent recorded in November 2024. On a month-on-month (MoM) basis, inflation rose by 0.4 percent, down from 1.8 percent the previous month, signaling a slower pace of price increases. Analysts at Topline Securities noted that the lower-than-expected reading—market estimates had predicted a 6.5 to 7 percent range—was largely driven by a decline in food inflation, which fell 0.23 percent MoM.
Breaking down the Consumer Price Index (CPI) for urban and rural areas, urban inflation rose by 6.1 percent YoY in November 2025, compared to 6.0 percent in October and 5.2 percent in November 2024. On a MoM basis, urban CPI increased by 0.5 percent, slightly below last month’s 1.5 percent gain. In rural areas, CPI inflation recorded a 6.3 percent YoY increase, down from 6.6 percent in October, while the MoM increase slowed to 0.2 percent compared to 2.3 percent in the previous month.
The Sensitive Price Index (SPI), which tracks essential commodities, rose by 4.2 percent YoY in November 2025, lower than the 4.8 percent increase seen in October, and sharply down from 7.3 percent in November 2024. On a monthly basis, SPI increased by 0.4 percent, compared to 0.9 percent in October. Meanwhile, the Wholesale Price Index (WPI) remained stable at 1.1 percent YoY in November 2025, unchanged from the previous month and lower than 2.3 percent a year earlier. MoM, WPI decreased slightly by 0.2 percent, in contrast with a 0.5 percent rise in October.
Core inflation indicators, which exclude food and energy (NFNE), showed varied trends across urban and rural regions. Urban NFNE inflation rose 6.6 percent YoY in November 2025, down from 7.5 percent in October and 8.9 percent in November 2024, while MoM growth slowed to 0.3 percent from 1.1 percent the previous month. In rural areas, NFNE inflation was 8.2 percent YoY, slightly below last month’s 8.4 percent, with a MoM increase of 0.5 percent compared to 1.3 percent in October.
Trimmed core inflation, measured using a 20 percent weighted trimmed mean, also indicated moderation. Urban trimmed inflation increased by 5.3 percent YoY, lower than October’s 6.0 percent and 7.5 percent a year ago, with a 0.3 percent MoM rise. Rural trimmed inflation rose by 6.4 percent YoY, down from 6.8 percent in October, while MoM growth was 0.4 percent, compared to 1.4 percent previously.
Overall, the data suggests that while Pakistan continues to experience moderate inflationary pressures, food price moderation and slower month-on-month increases have contributed to a more stable price environment. Analysts expect policymakers and the central bank to continue monitoring these trends closely, particularly given the impacts on consumer spending, monetary policy, and broader economic stability.
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