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Pakistan’s national Consumer Price Index (CPI) rose 6.98% year on year in February 2026, which rounds to 7.0%, according to the Pakistan Bureau of Statistics (PBS). That annual rate compares prices with February 2025. From January to February 2026, the index increased 0.27%.
What Pakistan’s 7% inflation figure means
The 6.98% figure is the year-on-year change in the national CPI: the cost of the measured consumer basket in February 2026 compared with the same month a year earlier. It does not mean prices rose 7% during February. The month-on-month increase was 0.27%, as PBS stated in its February 2026 CPI release.
These measures answer different questions: year-on-year inflation shows how the index compares with the same month last year, while month-on-month inflation shows how it changed from the immediately preceding month.
How the rate compares with January and a year earlier
| Comparison | National CPI inflation | What it compares |
|---|---|---|
| February 2026, year on year | 6.98% (about 7.0%) | February 2026 with February 2025 |
| January 2026, year on year | 5.8% | January 2026 with January 2025 |
| February 2025, year on year | 1.5% | February 2025 with February 2024 |
| February 2026, month on month | 0.27% | February 2026 with January 2026 |
The annual rate was higher in February 2026 than in January 2026. Separately, the 0.27% monthly change indicates a much smaller increase in the index between those two months.
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Urban and rural inflation differed
The State Bank of Pakistan’s February 2026 Inflation Monitor reports year-on-year CPI inflation of 6.8% in urban areas and 7.3% in rural areas. The national figure is a weighted measure, not a simple average of those two readings.
PBS says the February CPI uses a 2015–16 base year. Its urban index covers 35 cities and 356 consumer items; its rural index covers 27 rural centers and 244 items. The national CPI is calculated as a weighted average of the urban and rural indices.
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Other inflation measures are not the headline CPI
The State Bank’s monitor reports several distinct measures for February 2026. They have different scopes and should not be read as alternative estimates of the same national CPI figure.
| Measure | February 2026 reading | What it represents |
|---|---|---|
| Headline CPI, national | 7.0% year on year; 0.3% month on month | Consumer price index; rounded figures reported by SBP |
| CPI, urban | 6.8% year on year | Consumer prices in urban areas |
| CPI, rural | 7.3% year on year | Consumer prices in rural areas |
| NFNE core inflation, urban | 7.1% year on year | Core measure excluding food and energy |
| NFNE core inflation, rural | 8.3% year on year | Core measure excluding food and energy |
| Sensitive Price Indicator (SPI) | 4.6% year on year | A separate price index |
| Wholesale Price Index (WPI) | 1.0% year on year | A separate wholesale price index |
For the same national headline CPI, PBS reports the more precise 6.98% year-on-year and 0.27% month-on-month values; SBP rounds these to 7.0% and 0.3%.
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What the figures do—and do not—show
The official releases establish the measured inflation rates and how they compare across periods, locations and indices. The headline number alone does not establish why inflation rose; it is not enough to attribute the increase to a particular category, government decision or other cause.
PBS also reports average inflation of 5.46% for July–February 2025–26 compared with July–February 2024–25. This is a period average, so it is not directly interchangeable with February’s 6.98% year-on-year reading.
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