India Wholesale Price Inflation Highest Since 2022

India’s wholesale prices increased 8.30% year-on-year in April 2026, accelerating sharply from a 3.88% rise in March and surpassing expectations of 4.4%. This marked the fastest growth since October 2022, driven by a faster rise in manufacturing and food costs and a sharp increase in fuel prices due to the impact of the Middle East crisis. Fuel prices jumped 24.71%, marking the fastest increase since September 2022, driven by a sharp acceleration in petrol prices (32.40% vs 2.50% in March) and high-speed diesel (HSD) prices (25.19% vs 3.26%), while LPG prices rebounded (10.92% vs -1.54%). Meanwhile, manufacturing inflation accelerated to 4.62% from 3.39%, marking the fastest pace since September 2022, led by textiles (7.30% vs 4.91%), leather and chemicals and chemical products (5.09% vs 2.19%). Food inflation accelerated to a 12-month high of 2.31%, mainly driven by higher prices for eggs, meat & fish (6.68%), and milk (2.56%).

India’s wholesale prices increased 3.88% yoy in March 2026, accelerating from a 2.13% rise in February and surpassing expectations of 3%. This marked the fastest growth since January 2023, driven by a quicker rise in manufacturing costs and a rebound in fuel prices, amid geopolitical tensions in the Middle East. Food inflation remained steady. Prices for fuel and power rebounded (1.05% vs -3.78%), marking the first rise in a year, boosted by a recovery in petrol prices (2.50% vs -5.38%) and HSD (3.26% vs -3.27%). Meanwhile, manufacturing inflation accelerated to 3.39% from 2.92%, marking the fastest pace since November 2022, led by textiles (4.91% vs 3.29%), leather and related products (3.03% vs 1.58%), and chemicals and chemicals (2.19% vs 0.55%). Also, primary articles rose faster (6.36% vs 3.27%), mainly due to higher costs of non-food articles (11.50% vs 8.80%), while the food index remained at 1.85%. Monthly, wholesale prices rose 1.64%, accelerating from 0.38% in February.

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.