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Informist, Monday, Jun. 15, 2026

 

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--India May new series WPI inflation 9.68% 
--Informist Poll estimated India May WPI inflation at 9.4%
--CONTEXT: Govt releases revised WPI, new PPI series with FY23 base year
--India May output Producer Price Index inflation 9.38% vs 8.06% Apr 
--India May new series WPI food inflation 4.49%
--India May new series WPI inflation 9.68% vs 8.26% Apr
--India May new series WPI food inflation 4.49% vs 3.11% Apr
--India May new series WPI primary articles inflation 4.99%
--India May new series WPI primary articles inflation 4.99% vs 3.78% Apr 
--India May new series WPI fuel and power inflation 30.33% vs 24.89% Apr 
--India May new series WPI manufactured products inflation 7.48% vs 6.68% Apr
--India May new series WPI all commodities index up 1.0% on month 
--India May new series WPI food index up 1.1% on month
--India May output Producer Price Index 109.6 vs 108.6 Apr 
--India FY26 output Producer Price inflation 0.69% vs 1.71% FY25 
--India May mfg sector input Producer Price Index 104.9 vs 104.9 Apr 
--India Q4 securities transaction service PPI 91.7 vs 89.2 Q3 
--India Q4 banking services PPI 100.9 vs 102.2 Q3 
--India Q4 banking contribution services PPI 129.7 vs 132.0 Q3 
--India Q4 insurance services PPI 102.8 vs 102.0 Q3 
 

 

NEW DELHI – Wholesale prices in India rose at the quickest pace in at least 26 months in May mainly because of high fuel prices, according to the new WPI series released Monday by the commerce ministry. India's WPI inflation rose to 9.68% in May from 8.26% in April, as per the new series, which has 2022-23 (Apr-Mar) as the base year, updated from FY12 in the old series.

 

At 9.68%, WPI inflation in May based on the new series was above expectations. According to an Informist poll, economists saw WPI inflation rising to 9.4% in May. The April WPI inflation print as per the new series was close to the provisional estimate of 8.30% as per the old series. 

 

The rise in WPI inflation was led by fuel and power inflation, which rose to 30.33% in May because of the energy price shock caused by the war in West Asia. Fuel and power inflation was 24.89% in April. 

The Ministry of Commerce and Industry Monday released inflation data based on the new WPI series and new Producer Price Indices. This is the first revision of the WPI after nearly nine years. The new WPI series tracks 957 items, up from 697 items in the FY12 series. 

 

The ministry also released the new Producer Price Indices for the first time to track output and input factory gate prices, and also the services sector. The output producer price index inflation was 9.38% in May, higher than 8.06% in April and highest in the new series, which has data since April 2023. 

 

Wholesale inflation was much higher than CPI inflation for the second month in a row. CPI inflation rose to 3.93% in May from 3.48% in April. Global energy prices have been on a rise since the beginning of the West Asia war on Feb. 28. In response, the government has allowed limited pass-through of higher energy prices to retail consumers, while market players continue to carry the weight of war-induced higher prices. However, oil marketing companies had in May hiked petrol and diesel prices by around INR 7 per litre, in tranches.

 

The fuel and power segment saw 26-month high inflation in May in the new series at 30.33%, up from 24.89% in April. Wholesale petrol inflation increased to 36.44% in May, the third consecutive month of inflation, reflecting the impact of the war. Wholesale high speed diesel inflation jumped to 26.93% in May from 21.04% in April.

 

WPI crude petroleum inflation moderated to 84.99% last month from 85.38% in April. Wholesale crude petroleum and natural gas inflation rose to 61.51% in May from 56.31% in April.

 

"The recent cooling in global energy and commodity prices after the easing of tensions in West Asia is expected to provide respite to the WPI inflation print for June 2026," Rahul Agrawal, principal economist at ICRA, said in a note.

 

Among the major groups, WPI primary article inflation rose to a 17-month high of 4.99% in May from 3.78% in April. WPI manufactured product inflation jumped to an at least 26-month high of 7.48% last month from 6.68% in April. The all commodities index of the WPI rose 1.0% on month in May in the new series. The WPI food index was up 1.1% on month in May.

 

"Inflation in the coming months will remain in the range of 8-9%, provided the global price crude oil remains stable," Madan Sabnavis, chief economist at Bank of Baroda, said. "The major risk is in the coming months of a rainfall shortfall which can push up food prices further."

 

In the new Producer Price Indices, the ministry has released output producer price index for May, trial input producer price index for May, and service producer price indices for Jan-Mar of FY26. The trial input producer price index for manufacturing sector was 104.9 in May, the same as in April.

 

The ministry has released the service producer price indices tracking seven services for the March quarter. Securities transaction service prices rose 0.55% on year in Jan-Mar. Banking service prices fell 3.72% on year in the March quarter, while banking service contribution prices rose 1.89%.

 

Insurance service prices rose 0.59% on year in the March quarter. Telecome service prices rose 0.99% on year in the last quarter, while pension funds service prices fell 0.76%.

 

In Jan-Mar, railway passenger service prices climbed 3.50% on year, and railway service prices rose 1.18% in Jan-Mar, while railway freight service prices were flat on year. The air passenger service price index was at 106.9 in the March quarter, the data showed.

 

The following table details the sequential and annual increase in the main components of the WPI:

 

	Weight (%)	May (index)	Month-on-month change (in %)	Year-on-year change
				May	April
ALL COMMODITIES	100	109.9	1.0	9.68%	8.26%
PRIMARY ARTICLES	22.76	113.7	1.0	4.99%	3.78%
Food articles	15.98	115	0.9	3.60%	2.43%
Cereals	3.04	115.5	0.3	0.43%	(-)1.45%
Pulses	0.56	112.8	1.2	0.09%	(-)2.45%
Vegetables	1.73	93.9	3.1	1.62%	(-)2.77%
Potato	0.38	59.6	6.2	(-)33.11%	(-)32.97%
Onion	0.19	91.5	3.0	(-)13.60%	(-)27.80%
Tomato	0.22	109.5	48.2	81.29%	37.87%
Fruits	1.67	121.4	-4.6	2.79%	0.63%
Milk	4.19	117.2	2.0	3.26%	2.50%
Eggs, meat, and fish	3.15	114	2.1	5.36%	7.20%
Non-food articles	5.53	108.4	0.7	9.49%	7.60%
Oil seeds	0.99	114.4	5.0	23.14%	17.46%
Minerals	1.25	119.7	2.3	4.91%	6.36%
FUEL and POWER	14.11	113	1.9	30.33%	24.89%
Coal	0.08	84.3	-3.1	(-)3.55%	(-)3.33%
Liquefied petroleum gas	0.44	153	49.6	69.25%	12.54%
Petrol	1.73	120.2	0.7	36.44%	31.50%
High speed diesel	4.02	105.1	2.6	26.93%	21.04%
Electricity	4.46	90.3	-0.4	(-)1.85%	(-)2.68%
Crude petroleum	0.48	135.6	-5.4	84.99%	85.38%
MANUFACTURED PRODUCTS	63.13	107.8	0.7	7.48%	6.68%
Food products	9.02	112.3	1.4	6.14%	4.53%
Edible oils	1.97	115	2.0	15.93%	12.14%
Textiles	4.09	101.4	2.4	10.22%	7.14%
Chemical, chemical products	6.13	102.4	0.5	13.40%	12.22%
Non-metallic mineral products	2.84	98.9	0.4	1.02%	1.23%
Cement and lime	1.68	95.8	0.4	(-)0.52%	(-)0.10%
Basic metals	8.4	104.1	0.7	12.30%	10.59%
Semi-finished steel	0.03	99.6	1.2	2.47%	(-)0.81%

 

Source: Ministry of Commerce and Industry

 

End

 

Reported by Shweta and Shubham Rana

Edited by Avishek Dutta

 

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