Pakistan Wholesale Inflation at 3-Month Low

Pakistan’s wholesale price inflation slowed to 0.20% year-on-year in January 2026, down from 0.57% in December, marking the lowest rate since August. Price growth eased for food, beverages, tobacco, and textiles & leather (5.40% vs 5.89%) and metal products, machinery & equipment (1.50% vs 1.55%). Deflation continued in agriculture, forestry & fishery (-2.68% vs -1.66%) and other transportable goods (-3.69% vs -3.59%), while prices for ores/minerals and electricity, gas & water rose faster (0.47% vs 0.27%). On a monthly basis, wholesale prices fell 0.18%, following a 0.86% decline in December.

Pakistan’s wholesale prices rose 0.6% year-on-year in December 2025, easing from 1.1% in the prior two months and marking the slowest pace since September. Price growth moderated across food, beverages, tobacco, textiles, and leather (5.9% vs 6.2%), led by a softer rise in food (7.4% vs 8.1%), while textiles/apparel held steady (2.7%) and leather rebounded (1.9% vs -5.9%). Declines persisted in agriculture, forestry, and fishery (-1.7% vs -1.4%) and other transportable goods (-3.6% vs -1%). In contrast, prices accelerated for metal products, machinery, and equipment (1.6% vs 1.4%), while costs for ores, minerals, electricity, gas, and water rose 0.3% after a 1.6% fall. On a monthly basis, wholesale prices dropped 0.9%, extending October’s 0.2% decline and pointing to a second consecutive month of fall.

Wholesale prices in Pakistan rose 1.1% year-on-year in November 2025, the same pace as in October, remaining at their highest level since last December. Price growth accelerated for metal products, machinery, and equipment (1.4% vs 1.1% in October), while inflation slowed for food, beverages, tobacco, textiles, and leather products (6.2% vs 7.3%). It was driven by softer increases in food products (8.1% vs 9.5%) and textiles/apparel (2.7% vs 3.3%), while costs continued to decline for leather products (-5.9% vs -5.2%). Meanwhile, deflation persists for ores/minerals, electricity, gas and water (-1.6% vs -2.9%), agriculture, forestry, and fishery (-1.4% vs -2.1%), and other transportable goods (-1% vs -0.4%). On a monthly basis, wholesale prices declined 0.2%, following a 0.5% gain in the previous period.