Pakistan’s Consumer Price Index (CPI) inflation slowed to 9.2% year-on-year (YoY) in July 2026, falling below the 10% mark for the first time in recent months. Monthly Inflation RisesOn a month-on-month (MoM) basis, CPI inflation increased 1.2% in July, compared with a 0.3% decline in June, reflecting renewed price increases during the month. Urban and Rural InflationUrban inflation eased to 8.7% YoY in July from 11.2% in June, while monthly urban inflation rose 1.2%. Rural inflation also moderated to 9.9% YoY, down from 10.9% in the previous month, although it also increased 1.2%on a monthly basis. The Sensitive Price Index (SPI), which tracks prices of essential commodities, recorded 12.0% YoY inflation in July, down from 12.8% in June.