Pakistan's CPI inflation was 9.6% year on year in October 2026, down from 10.3% in September 2026. Inflation averaged 10.05% in the first 4 months of FY27 (July 2026 to June 2027). This page covers every month since 2000: an interactive chart, averages by fiscal and calendar year, a colour-coded monthly table and the record highs and lows.
Pakistan inflation rate chart
Headline CPI inflation: the change in consumer prices from the same month a year earlier. Tick the box to see the SBP policy rate on the same chart.
Pakistan inflation by year
Average inflation for each Pakistan fiscal year (July to June) and each calendar year. Inflation averaged 15.42% over the last five years, 11.4% over ten and 9.32% since 2000.
Inflation by fiscal year
| Fiscal year | Period | Average | High | Low | June |
|---|---|---|---|---|---|
| FY27 (4 months) | Jul 2026 to Jun 2027 | 10.05% | 11.1% | 9.2% | – |
| FY26 | Jul 2025 to Jun 2026 | 7.03% | 11.7% | 3% | 11.1% |
| FY25 | Jul 2024 to Jun 2025 | 4.62% | 11.1% | 0.3% | 3.2% |
| FY24 | Jul 2023 to Jun 2024 | 23.89% | 31.44% | 11.8% | 12.6% |
| FY23 | Jul 2022 to Jun 2023 | 29.05% | 37.97% | 23.18% | 29.4% |
| FY22 | Jul 2021 to Jun 2022 | 12.09% | 21.32% | 8.35% | 21.32% |
| FY21 | Jul 2020 to Jun 2021 | 8.9% | 11.1% | 5.65% | 9.65% |
| FY20 | Jul 2019 to Jun 2020 | 10.76% | 14.6% | 8.22% | 8.59% |
| FY19 | Jul 2018 to Jun 2019 | 6.8% | 8.6% | 5.4% | 8% |
| FY18 | Jul 2017 to Jun 2018 | 4.7% | 5.7% | 3.6% | 5.7% |
| FY17 | Jul 2016 to Jun 2017 | 4.15% | 5.02% | 3.56% | 3.93% |
| FY16 | Jul 2015 to Jun 2016 | 2.85% | 4.17% | 1.32% | 3.19% |
| FY15 | Jul 2014 to Jun 2015 | 4.56% | 7.88% | 2.11% | 3.2% |
| FY14 | Jul 2013 to Jun 2014 | 8.62% | 10.9% | 7.39% | 8.22% |
| FY13 | Jul 2012 to Jun 2013 | 7.4% | 9.6% | 5.13% | 5.85% |
| FY12 | Jul 2011 to Jun 2012 | 11.01% | 12.43% | 9.75% | 11.26% |
| FY11 | Jul 2010 to Jun 2011 | 13.84% | 15.45% | 12.54% | 13.32% |
| FY10 | Jul 2009 to Jun 2010 | 11.69% | 13.63% | 8.87% | 12.49% |
| FY09 | Jul 2008 to Jun 2009 | 21% | 25.33% | 13.14% | 13.14% |
| FY08 | Jul 2007 to Jun 2008 | 11.93% | 21.53% | 6.37% | 21.53% |
| FY07 | Jul 2006 to Jun 2007 | 7.78% | 8.93% | 6.64% | 7% |
| FY06 | Jul 2005 to Jun 2006 | 7.94% | 8.99% | 6.16% | 7.65% |
| FY05 | Jul 2004 to Jun 2005 | 9.27% | 11.1% | 7.37% | 8.74% |
| FY04 | Jul 2003 to Jun 2004 | 4.56% | 8.45% | 1.41% | 8.45% |
| FY03 | Jul 2002 to Jun 2003 | 3.19% | 4.23% | 1.93% | 1.93% |
| FY02 | Jul 2001 to Jun 2002 | 2.68% | 3.65% | 1.77% | 3.65% |
| FY01 | Jul 2000 to Jun 2001 | 4.42% | 5.41% | 2.52% | 2.52% |
| FY00 (6 months) | Jul 1999 to Jun 2000 | 3.81% | 5.1% | 3.02% | – |
Inflation by calendar year
| Year | Average | High | Low | December | Avg policy rate |
|---|---|---|---|---|---|
| 2026 (to Oct) | 9.4% | 11.7% | 5.8% | – | 11.25% |
| 2025 | 3.52% | 6.2% | 0.3% | 5.6% | 11.29% |
| 2024 | 13.13% | 28.34% | 4.1% | 4.1% | 19.38% |
| 2023 | 30.93% | 37.97% | 26.89% | 29.66% | 20.83% |
| 2022 | 19.72% | 27.26% | 12.2% | 24.5% | 13.42% |
| 2021 | 9.48% | 12.3% | 5.65% | 12.3% | 7.42% |
| 2020 | 9.52% | 14.6% | 8% | 8% | 8.62% |
| 2019 | 9.36% | 12.7% | 5.6% | 12.6% | 12.17% |
| 2018 | 5.33% | 6.7% | 3.6% | 5.4% | 7.42% |
| 2017 | 4.58% | 5.6% | 3.66% | 5.6% | 5.75% |
| 2016 | 3.76% | 4.21% | 3.17% | 3.7% | 5.83% |
| 2015 | 2.54% | 3.88% | 1.32% | 3.2% | 6.75% |
| 2014 | 7.23% | 9.18% | 3.96% | 4.3% | 9.42% |
| 2013 | 7.68% | 10.9% | 5.13% | 9.18% | 9.46% |
| 2012 | 9.73% | 12.29% | 6.93% | 7.93% | 11.21% |
| 2011 | 11.97% | 13.91% | 9.75% | 9.75% | 13.42% |
| 2010 | 13.85% | 15.45% | 12.49% | 15.21% | 12.96% |
| 2009 | 13.94% | 21.07% | 8.87% | 10.52% | 13.75% |
| 2008 | 20.15% | 25.33% | 11.25% | 23.34% | 12.29% |
| 2007 | 7.58% | 9.31% | 6.37% | 8.79% | 9.71% |
| 2006 | 7.92% | 8.93% | 6.16% | 8.88% | 8.83% |
| 2005 | 9.08% | 11.1% | 7.89% | 8.51% | 8.12% |
| 2004 | 7.43% | 9.33% | 4.31% | 7.37% | 7% |
| 2003 | 2.92% | 5.41% | 1.41% | 5.41% | 7% |
| 2002 | 3.28% | 4.23% | 2% | 3.41% | 8.25% |
| 2001 | 3.16% | 4.67% | 1.77% | 1.77% | 11.67% |
| 2000 | 4.36% | 5.41% | 3.02% | 5.05% | 11.08% |
Pakistan inflation history table (monthly)
CPI inflation year on year for every month, in percent. Green is low, red is high.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 5.8 | 7.0 | 7.3 | 10.9 | 11.7 | 11.1 | 9.2 | 11.1 | 10.3 | 9.6 | ||
| 2025 | 2.4 | 1.5 | 0.7 | 0.3 | 3.5 | 3.2 | 4.1 | 3.0 | 5.6 | 6.2 | 6.1 | 5.6 |
| 2024 | 28.3 | 23.1 | 20.7 | 17.3 | 11.8 | 12.6 | 11.1 | 9.6 | 6.9 | 7.2 | 4.9 | 4.1 |
| 2023 | 27.6 | 31.5 | 35.4 | 36.4 | 38.0 | 29.4 | 28.3 | 27.4 | 31.4 | 26.9 | 29.2 | 29.7 |
| 2022 | 13.0 | 12.2 | 12.7 | 13.4 | 13.8 | 21.3 | 24.9 | 27.3 | 23.2 | 26.6 | 23.8 | 24.5 |
| 2021 | 5.7 | 8.7 | 9.1 | 11.1 | 10.9 | 9.7 | 8.4 | 8.3 | 9.0 | 9.2 | 11.5 | 12.3 |
| 2020 | 14.6 | 12.4 | 10.2 | 8.5 | 8.2 | 8.6 | 9.3 | 8.2 | 9.0 | 8.9 | 8.3 | 8.0 |
| 2019 | 5.6 | 6.8 | 8.6 | 8.3 | 8.4 | 8.0 | 8.4 | 10.5 | 11.4 | 11.0 | 12.7 | 12.6 |
| 2018 | 5.2 | 4.5 | 3.6 | 4.0 | 5.0 | 5.7 | 6.7 | 6.2 | 5.4 | 6.5 | 5.7 | 5.4 |
| 2017 | 3.7 | 4.2 | 4.9 | 4.8 | 5.0 | 3.9 | 3.9 | 4.4 | 4.7 | 4.8 | 5.0 | 5.6 |
| 2016 | 3.3 | 4.0 | 3.9 | 4.2 | 3.2 | 3.2 | 4.1 | 3.6 | 3.9 | 4.2 | 3.8 | 3.7 |
| 2015 | 3.9 | 3.2 | 2.5 | 2.1 | 3.2 | 3.2 | 1.8 | 1.7 | 1.3 | 1.6 | 2.7 | 3.2 |
| 2014 | 7.9 | 7.9 | 8.5 | 9.2 | 8.3 | 8.2 | 7.9 | 7.0 | 7.7 | 5.8 | 4.0 | 4.3 |
| 2013 | 8.1 | 7.4 | 6.6 | 5.8 | 5.1 | 5.8 | 8.3 | 8.6 | 7.4 | 9.1 | 10.9 | 9.2 |
| 2012 | 10.1 | 11.1 | 10.8 | 11.3 | 12.3 | 11.3 | 9.6 | 9.1 | 8.8 | 7.7 | 6.9 | 7.9 |
| 2011 | 13.9 | 12.8 | 13.0 | 12.5 | 12.7 | 13.3 | 12.4 | 11.6 | 10.5 | 11.0 | 10.2 | 9.8 |
| 2010 | 13.6 | 13.0 | 12.8 | 13.3 | 13.2 | 12.5 | 13.1 | 13.6 | 15.4 | 15.4 | 15.0 | 15.2 |
| 2009 | 20.5 | 21.1 | 19.1 | 17.2 | 14.4 | 13.1 | 11.2 | 10.7 | 10.1 | 8.9 | 10.5 | 10.5 |
| 2008 | 11.9 | 11.2 | 14.1 | 17.2 | 19.3 | 21.5 | 24.3 | 25.3 | 23.9 | 25.0 | 24.7 | 23.3 |
| 2007 | 6.6 | 7.4 | 7.7 | 6.9 | 7.4 | 7.0 | 6.4 | 6.5 | 8.4 | 9.3 | 8.7 | 8.8 |
| 2006 | 8.8 | 8.1 | 6.9 | 6.2 | 7.1 | 7.7 | 7.6 | 8.9 | 8.7 | 8.1 | 8.1 | 8.9 |
| 2005 | 8.5 | 9.9 | 10.2 | 11.1 | 9.8 | 8.7 | 9.0 | 8.4 | 8.5 | 8.3 | 7.9 | 8.5 |
| 2004 | 5.2 | 4.3 | 5.3 | 6.0 | 7.0 | 8.4 | 9.3 | 9.2 | 9.0 | 8.7 | 9.3 | 7.4 |
| 2003 | 3.5 | 3.6 | 2.3 | 2.3 | 2.9 | 1.9 | 1.4 | 1.8 | 2.2 | 3.5 | 4.2 | 5.4 |
| 2002 | 2.0 | 2.4 | 3.3 | 3.3 | 2.9 | 3.6 | 4.2 | 3.8 | 3.8 | 3.5 | 3.0 | 3.4 |
| 2001 | 4.7 | 4.6 | 4.2 | 4.0 | 3.6 | 2.5 | 2.5 | 3.3 | 2.5 | 2.5 | 1.9 | 1.8 |
| 2000 | 3.4 | 3.0 | 3.6 | 3.9 | 3.8 | 5.1 | 5.0 | 4.4 | 5.0 | 4.6 | 5.4 | 5.0 |
How often inflation was high or low
Number of months since 2000 with inflation in each range. Inflation was below 5% in 92 months (29% of the time) and at 10% or more in 103 months (32%).
Highest and lowest inflation in Pakistan
The highest reading since 2000 was 37.97% in May 2023 and the lowest 0.3% in April 2025. Each peak and low below is more than a year apart from the others.
| Highest months | Inflation | Policy rate |
|---|---|---|
| May 2023 | 37.97% | 21% |
| August 2008 | 25.33% | 13% |
| October 2010 | 15.45% | 13.5% |
| January 2020 | 14.6% | 13.25% |
| April 2022 | 13.4% | 12.25% |
| Lowest months | Inflation | Policy rate |
|---|---|---|
| April 2025 | 0.3% | 12% |
| September 2015 | 1.32% | 6% |
| July 2003 | 1.41% | 7% |
| December 2001 | 1.77% | 9.5% |
| February 2000 | 3.02% | 10.5% |
What drives inflation in Pakistan
Food and energy carry a large weight in the CPI basket, so wheat, sugar, vegetables, fuel, electricity and gas prices move the headline number most. The rupee matters too: a weaker rupee raises the cost of imported fuel, edible oil and machinery. Administered price changes, such as electricity and gas tariff revisions, can lift inflation in a single month. Year-on-year inflation also swings with the base effect: a big jump a year earlier makes this year's rate look lower, and the reverse.
Inflation, interest rates and stocks
The SBP sets the policy rate largely in response to inflation, so the two series tend to move together with a lag. Compare them on the Pakistan interest rate history page, and see the latest monthly picture on the Pakistan economy dashboard. Falling inflation that leads to rate cuts has usually been good for the KSE-100; see the KSE allocation model.
Source: Pakistan Bureau of Statistics (national CPI, year on year) and State Bank of Pakistan (policy rate). Monthly data from January 2000 to October 2026. For information only, not investment advice.