India Wholesale Price Inflation Tops Forecasts

India’s wholesale prices increased 11.39% year-on-year in September 2026, accelerating from a 9.92% rise in August and surpassing expectations of 10.18%. The data have been based on the new 2022–23 base year since September 2025. The acceleration was driven by faster increases in fuel, manufacturing, and food prices. Fuel inflation accelerated to 25.85% from 22.93% in August, mainly driven by faster increases in mineral oil prices (40.02% vs 38.48% in August) and crude petroleum and natural gas prices (57.32% vs 34.41%). Meanwhile, food inflation accelerated to 8.66% from 7.05% in August, as food article prices rose faster (8.14% vs 5.67%), while non-food article prices remained elevated but increased at a slower pace (10.28% vs 14.79%). Manufacturing inflation also accelerated to 9.76% from 8.37%, led by chemicals and chemical products (16.74%), tobacco products (12.90%), textiles (13.85%), rubber and plastics (13.47%), and basic metals (16.96%).

India’s wholesale prices increased 9.92% yoy in August 2026, accelerating slightly from a 9.78% rise in July and surpassing expectations of 9.89%. The acceleration was driven by faster increases in fuel, manufacturing, and food prices. Fuel prices accelerated to 22.93% from 20.05% in July, mainly driven by faster increases in mineral oil prices (38.48% vs 32.4% in July) and crude petroleum and natural gas prices (34.41% vs 26.99%). Meanwhile, food inflation accelerated to 7.05% from 6.65% in July, as food article prices accelerated (5.67% vs 5.44%), while non-food article prices remained elevated (14.79% vs 17.66%). Manufacturing inflation also accelerated to 8.37% from 8.29%, led by chemicals and chemical products (14.30%), tobacco products (13.17%), textiles (12.63%), rubber & plastics (11.18%), and basic metals (10.88%). The data are based on the new 2022–23 base year, replacing the earlier 2011–12 series.

India’s wholesale prices increased 9.78% yoy in July 2026, slowing from a 9.87% gain in June, which was the fastest increase since September 2022 and below expectations of 9.95%. It was the softest increase since April, due to softer rises in fuel prices. The data are based on the new 2022–23 base year, replacing the earlier 2011–12 series. Fuel prices moderated (20.05% vs 27.41% in June), mainly driven by softer increases in mineral oil prices (32.4% vs 46.48%) and crude petroleum and natural gas prices (26.99% vs 34.75%). Meanwhile, food inflation accelerated slightly to 6.65% from 6.14% in June, as food article prices remained broadly elevated (5.44% vs 5.49% in June), while non-food article prices accelerated strongly (17.66% vs 11.07%). Also, manufacturing inflation accelerated to 8.29% from 7.48%, the fastest pace since June 2022, led by tobacco products (13.36%), chemicals and chemical products (13.12%), basic metals (12.56%), textiles (12.80%), and rubber & plastics (10.38%).