ABDUL RASHEED AZAD

ISLAMABAD: The Consumer Price Index-based inflation surged to 11.7 percent year-on-year (YoY) in May 2026, the highest in 23 months, amid worsening Middle East tensions that have intensified energy-related pressures.

According to the Monthly Review on Price Indices released here on Monday by the Pakistan Bureau of Statistics (PBS), this marks a steady escalation from the 10.9 percent reported in April 2026, pushing inflation further away from the State Bank of Pakistan’s target range of 5–7 percent.

The PBS data said that CPI inflation (general) increased by 11.7 percent on a year-on-year (YoY) basis in May 2026, as compared to an increase of 10.9percent the previous month and 3.5percentin May 2025. On month-on-month (MoM) basis, it increased by 0.5percent in May 2026 as compared to an increase of 2.5percent in the previous month and a decrease of 0.2percent in May 2025.

CPI inflation (Urban) witnessed an increase of 11.8percenton a YoY basis in May 2026 as compared to an increase of 11.1percent in the previous month and an increase of 3.5percent in May 2025. On a monthly basis, it increased by 0.7percent in May 2026 as compared to an increase of 2.7percent in the previous month and an increase of 0.1percent in May 2025.

CPI inflation (Rural) increased by 11.5percent on an annual basis in May 2026, as compared to an increase of 10.6percent the previous month and an increase of 3.4percent observed in May 2025. On a monthly basis, it increased by 0.3percent in May 2026 as compared to an increase of 2.1percent in the previous month and a decrease of 0.5percent in May 2025.

The SPI-based inflation on an annual basis increased by 12percentin May 2026 as compared to an increase of 10.1percent in the previous month and a decrease of 0.6percentin May 2025. On MoM basis, it increased by 0.7percent in May 2026 as compared to an increase of 2percent in the previous month and a decrease of 1percentin May 2025.

Wholesale Price Index (WPI) based inflation on a YoY basis increased by 12.7percentin May 2026 as compared to an increase of 13.6percent the previous month and an increase of 0.4percent in May 2025. On a monthly basis, it decreased by 0.8percent in May 2026 as compared to an increase of 5.1percentin the previous month and no change observed in May 2025.

Measured by non-food non-energy (Urban), the inflation increased by 9percenton a YoY basis in May 2026 as compared to an increase of 8percentin the previous month and an increase of 7.3percentin May 2025. On MoM basis, it increased by 1.3percentin May 2026 as compared to 1.9percentin the previous month and an increase of 0.4percentin the corresponding month of last year, i.e., May 2025.

Measured by non-food non-energy Rural increased by 8.4percenton a YoY basis in May 2026 as compared to an increase of 8.5percentin the previous month and an increase of 8.8percentin May 2025. On a MoM basis, it increased by 0.2percentin May 2026 as compared to an increase of 1.1percentin the previous month and an increase of 0.4percentin the corresponding month of last year, ie, May 2025.

Measured by a 20percentweighted trimmed mean (Urban), the inflation increased by 9.8percenton a YoY basis in May 2026 as compared to an increase of 9.2percentin the previous month and 4.9percentin May 2025. On a MoM basis, it increased by 0.6percentin May 2026 as compared to an increase of 1.1percenta month earlier and an increase of 0.1percentin the corresponding month of last year, i.e., May 2025.

Measured by a 20percentweighted trimmed mean (Rural), the inflation increased by 9.6percenton a YoY basis in May 2026 as compared to an increase of 8.9 percent in the previous month and 4.7 percent in May 2025. On MoM basis, it increased by 0.8percentin May 2026 as compared to an increase of 1percentin the previous month and a decrease of 0.2percentin the corresponding month of last year.

On account of Urban CPI, the monthly prices of the following food items increased: Wheat Flour (11.21percent), wheat (7.78percent), Ice Cream (5.49percent), potatoes (4.01percent), bakery and confectionary (2.40percent), meat (2.25percent), dessert preparation (1.84percent), milk products (1.46percent), milk fresh (1.41percent), sweetmeat (1.37percent), cooking oil (0.91percent) and vegetable ghee (0.88percent). On MoM basis, prices of following food items witnessed a reduction: Tomatoes (43.18percent), fresh vegetables (24.93percent), eggs (5.99percent), onions (5.23percent), pulse gram (1.65percent), pulse mash (1.62percent), chicken (1.59percent), fresh fruits (1.37percent), fish (0.98percent), pulse moong (0.44percent), besan (0.34percent), beans (0.33percent), mustard oil (0.23percent), gur (0.20percent), honey (0.15percent), sugar (0.12percent), gram whole (0.11percent) and pulse masoor (0.06percent).