Pakistan’s annual inflation rose by 6.15 percent year-on-year (YoY) in November 2025, slightly below the previous month’s 6.2 percent and notably higher than 4.9 percent in November 2024. On a month-on-month (MoM) basis, inflation increased by 0.4 percent in November 2025, compared to a 1.8 percent rise in October 2025 and 0.5 percent in the same month last year. Analysts from Topline Securities noted that the figure was below expectations of 6.5-7 percent, largely due to a 0.23 percent MoM decline in food prices.
Urban consumer price index (CPI) inflation recorded a 6.1 percent YoY increase in November 2025, slightly up from 6.0 percent in the previous month and 5.2 percent in November 2024, while MoM urban CPI rose by 0.5 percent. Rural CPI inflation increased by 6.3 percent YoY, down from 6.6 percent in October 2025 but above last year’s 4.3 percent, with a modest 0.2 percent MoM increase.
Sensitive Price Index (SPI) inflation grew by 4.2 percent YoY, lower than the 4.8 percent reported in October 2025 and significantly down from 7.3 percent in November 2024. MoM SPI inflation rose by 0.4 percent, compared to 0.9 percent in the previous month. Meanwhile, wholesale price index (WPI) inflation remained stable at 1.1 percent YoY, unchanged from October 2025 but lower than 2.3 percent in November 2024, while MoM WPI declined by 0.2 percent.
Core inflation, measured by non-food, non-energy (NFNE), showed divergent trends across urban and rural areas. Urban NFNE inflation rose by 6.6 percent YoY, down from 7.5 percent in the previous month and 8.9 percent in November 2024, with a 0.3 percent MoM increase. Rural NFNE inflation recorded an 8.2 percent YoY rise, slightly lower than 8.4 percent in October 2025 and 10.9 percent in November 2024, while MoM it increased by 0.5 percent.
Trimmed mean core inflation, reflecting the 20 percent weighted average, indicated slower growth. Urban trimmed inflation rose 5.3 percent YoY, compared to 6.0 percent in the previous month and 7.5 percent in November 2024, with a 0.3 percent MoM rise. Rural trimmed inflation grew by 6.4 percent YoY, slightly below 6.8 percent in October 2025 and 7.8 percent a year earlier, accompanied by a 0.4 percent MoM increase.
Overall, Pakistan’s inflation in November 2025 reflected easing food price pressures, moderate core inflation trends, and stable wholesale prices, indicating gradual moderation in cost pressures while still exceeding pre-pandemic levels.
