Pakistan’s May inflation jumped to 3.5% YoY from 0.3% in April, beating both government and market expectations. However, MoM inflation fell 0.2%. Average inflation for the first 11 months of FY2024–25 was 4.61%, well below the 24.52% seen a year earlier. The government previously forecast 1.5–2% for May but now expects 3–4% in June.