“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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The positive rate of inflation in January 2026 is primarily attributed to increase in prices of manufacture of basic metals, other manufacturing, non-food articles, food articles and textiles, added Mr Juneja.

On a month-on-month basis, WPI for the month of January, 2026 stood at 0.51%, driven by moderation in prices of Primary Articles and Fuel & Power groups, while registering an increase in prices of Manufactured products , said Mr Rajeev Juneja.

The Primary Articles group (weight: 22.62%) saw a decrease from 0.67% in December 2025 to -0.15% in January 2026 on a month-on-month basis. The decline is majorly due to fall in prices of food articles (-1.79%) and minerals (-0.47%). While, the Price of non-food articles (5.32%) and Crude Petroleum & Natural Gas (4.27%) registered an increase in January 2026, said Mr Juneja.

In the Fuel and Power category (weight: 13.15%), inflation decreased by 1.62%, on a month-on-month basis, supported by a moderation in the prices of electricity and mineral oils. The price of coal (0.73%) increased in January, 2026 as compared to December, 2025 due to increase in demand, said Mr Juneja.

The Manufactured Products group (weight: 64.23%) reported an increase from 0.28% in December 2025 to 1.30% in January 2026. On a month-on-month basis, groups that showed an increase in prices were manufacture of basic metals; food products; textiles. The manufacture of pharmaceuticals, medicinal chemical and botanical products; and machinery and equipment witnessed  a decrease in prices in January, 2026, said Mr. Juneja.

Overall, the WPI is expected to remain range-bound due to moderation in prices of Fuel and Power group, said Dr Ranjeet Mehta, CEO| Secretary General, PHDCCI. 

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