Country: Pakistan Source: World Food Programme Please refer to the attached file. In January, the Consumer Price Index (CPI)-based Annual Headline Inflation reached 5.80 percent (YoY), up from 5.61 percent (YoY) in December. Month on Month CPI increased by 0.39 percent in January 2026 compared to December 2025. Annual food inflation increased by 3.9 percent compared to January 2025. Wheat prices rose sharply in January 2026 compared to December 2025, while subsidized wheat flour registered a slight increase. Both remained well above January 2025 levels due to tightened domestic availability and low market stocks during lean season. Rice Basmati prices rose higher, while price of rice Irri-6 was slightly lower, reflecting comparatively stable supply conditions for this rice variety. Among non-cereal food, prices increased for several key commodities with notable increases for chicken and ghee. Terms of Trade (ToT) decreased (worsened) in January by 6.1 percent over the past month, while it decreased by 21 percent compared to a year ago.