14.10.202606:46:08UTC+00India Wholesale Price Inflation Tops Forecasts

India’s wholesale prices rose 11.39% year-on-year in September 2026, up from 9.92% in August and above market expectations of a 10.18% increase. The figures are calculated using the new 2022–23 base year, which has replaced the earlier 2011–12 series.

The faster overall inflation was driven by stronger price increases in fuel, manufactured products, and food.

Fuel inflation climbed to 25.85% from 22.93% in August, largely due to a sharper rise in mineral oil prices (40.02% vs 38.48% in August) and in crude petroleum and natural gas (57.32% vs 34.41%).

Food inflation also quickened, reaching 8.66% compared with 7.05% in August. This reflected a faster increase in food article prices (8.14% vs 5.67%), while non-food article prices remained high but grew more slowly than before (10.28% vs 14.79%).

Manufacturing inflation accelerated to 9.76% from 8.37%, driven by higher prices for chemicals and chemical products (16.74%), tobacco products (12.90%), textiles (13.85%), rubber and plastics (13.47%), and basic metals (16.96%).