India Wholesale Prices Fall the Most Since 2023

India’s wholesale prices rose 2.13% year-on-year in February 2026, accelerating from a 1.81% increase in January and exceeding expectations of a 2% gain. This marked the fastest rise since February last year, driven by a pickup in inflation for primary articles (3.27% vs 2.21% in January), mainly due to higher costs of food articles (2.19% vs 1.55%) and a sharp acceleration in non-food articles inflation (8.80% vs 4.97%), pushed by a surge in oilseed prices (25.38% vs 0.11%). Price growth also increased for manufactured products (2.92% vs 2.86%), led by tobacco products (6.28% vs 1.38%), textiles (3.29% vs 2.48%), wearing apparel (2.14% vs 2.08%), and leather and related products (1.58% vs 0.78%). Meanwhile, prices for fuel and power continued to decline (-3.78% vs -4.01%), reflecting sustained drops in LPG (-4.63% vs -7.68%), petrol (-5.38% vs -4.58%), and HSD (-3.72% vs -4.26%). On a monthly basis, wholesale prices rose 0.25%, easing from a revised 0.38% increase in January.

India’s wholesale prices rose 1.81% year-on-year in January 2026, accelerating from a 0.83% increase in December and exceeding the expected 1.25% rise. This marked the sharpest growth since March 2025, driven by a pickup in manufacturing inflation (2.86% vs 1.82% in December), particularly in textiles (2.48% vs 1.68%) and wearing apparel (2.08% vs 1.55%). Inflation also accelerated for food, rising 1.41% after showing no growth in December, driven by a rebound in food articles (1.55% vs -0.43%), including vegetables (6.78% vs -3.50%), alongside faster increase in costs of eggs, meat, and fish (3.66% vs 1.14%). Meanwhile, fuel costs dropped sharply by 4.01% (vs -2.31%), the steepest decline since October 2024, reflecting ongoing deflation in LPG (-7.68% vs -14.04%), petrol (-4.58% vs -1.88%), and HSD (-4.29% vs -2.07%). On a monthly basis, wholesale prices increased 0.51%, matching the pace in the previous period.

India’s wholesale prices increased 0.83% year-on-year in December 2025, surpassing market expectations of a 0.30% rise and rebounding from a 0.32% drop in November. This marked the first increase in three months and the fastest pace since April, mainly supported by faster rises in manufacturing prices. Manufacturing inflation accelerated to 1.82% from 1.33% in November, marking the fastest increase in three months. Notable gains were recorded in food products (0.90% vs 0.62%), pharmaceuticals, medicinal chemical and botanical products (1.60% vs 1.39%), and cement, lime & plaster (0.31% vs 0.08%). Additionally, food prices were unchanged after falling 2.60% in November, supported by rises in the prices of milk (3.23%), fruits (1.97%), and eggs, meat & fish (1.14%). Meanwhile, fuel prices continued to decline (-2.31% vs -2.27% in November), weighed down by lower prices for LPG (-14.04%), petrol (-1.88%), and HSD (-2.07%). Monthly, the WPI rose 0.71%, after a 52% gain in November.