By Farooq Awan

Inflation indicators showed a softening trend during the October–December 2025 quarter, with the Consumer Price Index (CPI) turning negative on a month-on-month basis in December 2025, according to the Economic Infographics report issued by the Institute of Cost and Management Accountants of Pakistan (ICMA).

The month-on-month CPI inflation rate stood at 1.7% in October 2025. In November 2025, the CPI recorded a month-on-month increase of 0.4%. In December 2025, the CPI declined by 0.4% on a month-on-month basis.

The Sensitive Price Index (SPI), which measures short-term price movements in essential commodities, also recorded a decline during the period. The SPI showed a month-on-month increase of 0.9% in October 2025. In November 2025, the SPI recorded a month-on-month rise of 0.4%. In December 2025, the SPI further declined by 0.8% on a month-on-month basis.

The Wholesale Price Index (WPI) also registered changes during the quarter. In October 2025, the WPI showed a month-on-month increase of 0.5%. In November 2025, it declined by 0.2%. In December 2025, the WPI recorded a further decline of 0.9% on a month-on-month basis.

Food inflation showed mixed trends during the October–December 2025 period. In October 2025, urban food inflation stood at 1.7%, while rural food inflation was higher at 3.0%. In November 2025, urban food inflation eased to 0.3%, while rural inflation turned negative at –0.7%. By December 2025, food inflation declined further, with urban inflation recorded at –1.7% and rural inflation at –1.9%.

Non-food inflation remained relatively moderate during the period. In October 2025, urban non-food inflation stood at 1.1%, while rural inflation was recorded at 1.3%. In November 2025, urban non-food inflation eased to 0.7%, while rural inflation edged up to 1.0%. In December 2025, urban non-food inflation stood at 0.5%, while rural inflation was recorded at 0.7%.

The data reflects price trends during the October–December 2025 quarter as compiled in ICMA’s Economic Infographics, based on official statistics released by the Pakistan Bureau of Statistics.

Credit: INP-WealthPk