By Moaaz Manzoor

Wholesale prices recorded a modest increase of 1.05% on a year-on-year basis in February 2026, according to the Monthly Review on Price Indices (Base Year 2015-16) released by the Pakistan Bureau of Statistics (PBS), reflecting mixed trends across major commodity groups.

The Wholesale Price Index (WPI) stood at 315.21 in February 2026, compared to 311.94 in February 2025. On a month-on-month basis, wholesale prices rose by 0.66% over January 2026, when the index was recorded at 313.15.

Among the major components, the “Food, Beverages, Tobacco, Textiles & Leather Products” group, which carries a weight of 31.11% in the wholesale basket, posted a 5.76% year-on-year increase. Within this category, “Food Products, Beverages & Tobacco” rose by 7.46% annually, with the index increasing to 317.77 in February 2026 from 295.70 in February 2025. On a monthly basis, the subgroup advanced by 0.94%.

The “Textiles & Apparels” subgroup recorded a 2.06% year-on-year rise, while “Leather Products” increased by 2.65% compared to February 2025.

In contrast, the “Agriculture, Forestry & Fishery” group, which has a weight of 25.77%, declined by 1.15% year-on-year. Its index stood at 273.24 in February 2026, down from 276.43 in February 2025, while on a month-on-month basis it slipped by 0.33%.

The “Ores/Minerals, Electricity, Gas & Water” group rose slightly by 0.72% year-on-year, with the index recorded at 361.74 compared to 359.16 a year earlier. However, it declined by 0.36% over January 2026.

“Other Transportable Goods,” carrying a weight of 22.40%, recorded a 2.27% annual decline, with the index falling to 335.17 from 342.96. On a monthly basis, however, this group rose by 2.51%.

The “Metal Product, Machinery & Equipment” group posted a 1.54% year-on-year increase, with the index rising to 394.46 in February 2026 from 388.47 in February 2025. Month-on-month, it edged up by 0.04%.

Commodity-level movements showed volatility during the month. On a monthly basis, fresh fruits surged by 28.59%, raw animal materials and wool by 17.06%, sorghum/jowar by 8.28%, and glass sheets by 6.74%. Diesel oil and furnace oil rose by 5.77% and 4.76%, respectively, while dried fruits and nuts increased by 4.73%. Conversely, eggs declined sharply by 28.67%, poultry by 21.07%, edible roots and potatoes by 19.30%, and vegetables by 11.69%.

On an annual basis, notable increases were recorded in sorghum/jowar (48.18%), other food products (45.66%), wheat (43.92%), and wheat flour (32.67%). Declines were observed in edible roots and potatoes (51.83%), other cereal flour (23.25%), poultry (22.57%), and furnace oil (19.42%).

The February 2026 data indicate that while wholesale inflation remained subdued at 1.05% annually, price movements varied significantly across commodity groups, reflecting continued adjustments in food and energy-related items within the wholesale basket.

Credit: INP-WealthPk