“The increase in wholesale inflation in April 2026 was largely driven by a sharp rise in energy and petroleum-related prices, which also contributed to higher input costs across several manufacturing segments. In contrast, food-related wholesale inflation remained relatively moderate compared with recent periods of raised volatility said Mr. Rajeev Juneja, President, PHDCCI.”

The WPI Fuel & Power group recorded inflation of 24.71 per cent in April 2026, up from 1.05 per cent in March 2026. Crude petroleum and natural gas inflation rose significantly to 67.18 per cent, while petrol and high-speed diesel inflation increased to 32.40 per cent and 25.19 per cent respectively.

Global Brent crude prices witnessed a high surge reflecting heightened geopolitical risk, supply disruptions, and tightening global energy markets, he added.

Primary Articles inflation increased to 9.17 per cent in April 2026, supported by higher prices of crude petroleum & natural gas, food articles, and minerals. Manufactured Products inflation also strengthened to 4.62 per cent, reflecting broad-based increases across several industrial groups including basic metals, chemicals, textiles, machinery and food products.

On a month-on-month basis, the headline WPI increased by 3.86 per cent in April 2026 over March 2026, with Fuel & Power registering a substantial monthly increase of 18.22 per cent.

The WPI Food Index rose modestly to 2.31 per cent in April 2026 from 1.85 per cent in March 2026. Within food categories, inflation remained contained in cereals and pulses, while prices of vegetables and fruits recorded mixed movements. Onion prices continued to remain lower on a year-on-year basis, while milk and protein-based food items registered moderate increases.

Among manufactured products, inflation in basic metals increased to 7.00 per cent, textiles to 7.30 per cent, and chemicals and chemical products to 5.09 per cent, indicating rising cost pressures across industrial supply chains.

The provisional WPI index for All Commodities stood at 167.0 in April 2026, compared with 160.8 in March 2026. The final WPI inflation rate for February 2026 was revised to 2.26 per cent.

DPIIT stated that the WPI for April 2026 was compiled with a weighted response rate of 96.7 per cent. The provisional figures are subject to revision in line with the established revision policy.

“Going forward, movements in global energy prices, commodity markets, and supply chain conditions will remain important determinants of wholesale price trends. The evolving trajectory of fuel costs and transmission into manufacturing and transport sectors will continue to be monitored closely in the coming months says Dr. Ranjeet Mehta, SG & CEO, PHDCCI

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“Among major commodity groups, transport inflation remained subdued at near-zero levels as Government of India has not increased retail pump prices despite Brent crude oil prices remaining above US$ 100 per barrel in the international markets since the East Asia Crisis” said Mr. Rajeev Juneja, President, PHDCCI.

However, precious metal prices recorded comparatively higher inflation rates due to jump in international metal prices and depreciating INR vis-à-vis US dollar, he added. Silver, Gold/Diamond/Platinum Jewellery jumped (y-o-y) 144.34% and 40.72% respectively.

On the other hand, at the food item level, potatoes, onions, motor cars and jeeps, peas and chickpeas, and air conditioners recorded the lowest inflation rates during April 2026.

The moderation reflects relatively stable price conditions across several core consumption categories, particularly transport. However, food price pressures remain elevated in select commodities, indicating the continued importance of supply-side monitoring.

“In India, recently, a deviation between food and non-food inflation trends continues to impact the inflation outlook. Volatility in agricultural commodities, baring seasonal commodities, and precious metals may continue to influence household inflation expectations in the near term,” said Dr. Ranjeet Mehta, SG and CEO, PHDCCI.

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