External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Macroeconomics

<ul><li>Pakistan's Consumer Price Index (CPI) inflation for Sep 2026 clocked in at 10.26% YoY and 1.27% MoM, largely in line with Bloomberg survey estimates of 10.2% but slightly lower than our expectations of 10.45% YoY.</li><li>On YoY basis, the Sep 2026 inflation is up largely due to 27.43% growth in transport, 13.54% in Communication segment and 12.39% in Housing, Water, Electricity and Gas Segment.</li><li>We maintain our FY27 inflation forecast in range of 8.5-9.0%.</li></ul>

Pakistan's Consumer Price Index (CPI) inflation for Sep 2026 clocked in at 10.26% YoY and 1.27% MoM, largely in line with Bloomberg survey estimates of 10.2% but slightly lower than our expectations of 10.45% YoY.On YoY basis, the Sep 2026 inflation is up largely due to 27.43% growth in transport, 13.54% in Communication segment and 12.39% in Housing, Water, Electricity and Gas Segment.We maintain our FY27 inflation forecast in range of 8.5-9.0%.

Pakistan Economy - Sep 2026 Inflation Clocked in at 10.26% YoY; In Line With Market Expectations