Food security will remain an important component of any strategy for nutritional improvement in Pakistan. The country experienced acute price spikes and shortages during 2007 and 2008, corresponding with food price inflation and volatility in global markets. This led to the clearer articulation of a food security approach based on a closer alignment with world prices and the establishment of a cash transfer programme to compensate poor households. This article presents the results of a qualitative study of food security among rural and urban households in selected regions to better understand the perceptions, behaviour, processes and coping strategies of the poor with regard to food security in general, and price shocks in particular. The study offers insights into gaps in existing policy approaches to food security and potential areas of pro‐nutrition policy change.