“The launch of the new WPI and Producer Price Index series represents an important modernization of India’s price statistics architecture. The updated methodology, expanded coverage, and improved representation of economic activity will provide policymakers, businesses, and researchers with more accurate and relevant indicators of producer-level price movements said Mr. Rajeev Juneja, President, PHDCCI.

Office of the Economic Adviser, has launched a revised series of the Wholesale Price Index (WPI) with base year 2022-23, replacing the existing 2011-12 series. Simultaneously, the Government has introduced new series of Output Producer Price Index (OPPI), Trial Input Producer Price Index (IPPI), and Service Producer Price Indices (Service PPIs) for selected service sectors.

The revised framework reflects structural changes in the Indian economy, incorporates a larger basket of commodities, and adopts improved methodologies for weighting, index compilation, and treatment of missing data. The new WPI basket contains 957 items compared to 697 items in the previous series and includes emerging energy sources such as solar, wind, and nuclear power.

But looking ahead, the recently announced framework agreement between the United States and Iran, including the proposed reopening of the Strait of Hormuz, could have important implications for wholesale inflation in India, he said.

Global crude oil prices have already declined sharply on expectations of improved energy supplies and reduced geopolitical risk, with Brent crude falling by around 4% following the announcement.

Since fuel and power inflation was a key driver of the 9.68% WPI inflation recorded in May 2026, a sustained easing in international oil prices could moderate cost pressures across fuel, transport, chemicals, metals, and other energy-intensive sectors in the coming months.

The newly released Output Producer Price Index recorded an index level of 109.6 in May 2026, while the Trial Input Producer Price Index for the manufacturing sector stood at 104.9. Service Producer Price Indices have also been released for seven service sectors, including banking, insurance, telecom, railways, air passenger transport, securities transactions, and pension fund management.

The parallel publication of WPI and PPI over the next five years will facilitate a smooth transition toward a producer price framework that is increasingly adopted across advanced and emerging economies. Going forward, the expanded data on producer price indicators is expected to strengthen inflation analysis, and improve industry-level price monitoring said Dr. Ranjeet Mehta, SG & CEO, PHDCCI.

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“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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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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India’s total exports recorded a robust double-digit growth of 15.5% (year on year) in November 2025, driven by strong performance in both merchandise and services sectors, leading to a significant reduction in the trade deficit, said Mr. Rajeev Juneja, President, PHDCCI, in a press statement issued today.

Merchandise exports surged 19.4% year-on-year, rising from USD 31.94 billion in November 2024 to USD 38.13 billion in November 2025. Similarly, services exports grew 11.68%, increasing from USD 32.11 billion to USD 35.86 billion over the same period, he said.

Mr. Juneja highlighted that the key drivers of merchandise export growth in November 2025 included iron ore (70%), cashew (57%), oil meals (40%), electronic goods (38%), and coffee (34%), among others. Despite global headwinds, India registered positive export growth with 14 out of its 20 major trading partners, reflecting increasing diversification and resilience in external trade.

Looking ahead, Dr. Ranjeet Mehta, CEO & Secretary General, PHDCCI, said that India’s exports are expected to continue on a resilient growth trajectory, supported by sustained government efforts to diversify export markets and enhance global competitiveness. He noted that the government’s Export Promotion Mission (EPM) and deeper engagement across regions including the US, EU, Gulf Cooperation Council (GCC), and Asia-Pacific will play a pivotal role in propelling India’s export growth.

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