Data Alert
India's Jul WPI inflation eases to 9.78% on oil price moderation
This story was originally published at 14:33 IST on 14 August 2026
Register to read our real-time news.Informist, Friday, Aug. 14, 2026
Please click here to read all liners published on this story
--India Jul WPI inflation 9.78% vs 9.87% Jun
--Informist Poll estimated India Jul WPI inflation at 10.0%
--India Jul WPI food inflation 6.65% vs 6.14% Jun
--India Jul output Producer Price Index 109.9 vs 109.9 Jun
--India Jul new series WPI core inflation 8.2% vs 7.5% Jun
--India Apr-Jul output Producer Price Index 109.6 vs 100.3 yr ago
--India Jul input Producer Price Index 105.9 vs 107.1 Jun
--India Apr-Jul WPI inflation 9.47% vs -0.2% yr ago
--India Jul WPI primary articles inflation 8.52% vs 7.00% Jun
--India Jul WPI fuel and power inflation 20.05% vs 27.41% Jun
--India Jul WPI manufactured products inflation 8.29% vs 7.48% Jun
--India May new series WPI inflation revised to 9.88% vs 9.68% provisional
--India Jul WPI all commodities index down 0.2% on month
--India Jul WPI food index up 1.1% on month
--India Jul WPI primary articles index up 0.9% on month
--India Jul WPI fuel and power group index down 5.1% on month
--India Jul WPI manufactured products index up 0.6% on month
NEW DELHI – India's wholesale price index moderated in July due to easing of fuel inflation as crude oil prices fluctuated amid uncertainty related to the war in West Asia, according to data released by the commerce ministry Friday. In July, WPI inflation moderated to 9.78% from 9.87% in June. However, WPI inflation still remained broadly high last month due to inflation in food and manufacturing products.
At 9.78%, wholesale price inflation was below expectations. In an Informist poll, economists had estimated WPI inflation rising to 10.0% in July. The WPI inflation print for May, as per the new series, was revised upwards to 9.88% from the provisional 9.68%. The new WPI series has 2022-23 (Apr-Mar) as the base year, updated from FY12 in the old series.
In June, the Ministry of Commerce and Industry released inflation data based on the new WPI series and new Producer Price Index. The new WPI series tracks 957 items, up from 697 items in the FY12 series.
The all commodities index of the WPI fell 0.2% on month in July.
WPI core inflation rose to an at least 28-month high of 8.2% in July from 7.5% in June.
Fuel and power inflation was 20.05% in July, down from 27.41% a month ago, reflecting the moderation in oil prices during the month. This will be the second consecutive month of moderation in fuel and power inflation after inflation in the segment rose to 30.80% in May. The fuel and power index was down 5.1% on month in July.
Within the fuel and power segment, crude petroleum and natural gas inflation moderated to 26.99% in July from 34.75% in June. Mineral oils inflation also dragged the WPI print down last month, as it fell to 32.4% in July from 46.48% in June.
Inflation in primary articles, which has the maximum weight in the item basket, rose to 8.52% in July from 7.0% in June. Among primary articles, food articles inflation fell to 5.44% last month from 5.49% in June, while inflation in non-food articles rose to 17.66% in July from 11.07% in June. The food index rose 1.1% on month in July.
Manufacturing products inflation rose to 8.29% in July from 7.48% the previous month. WPI manufactured product index inched up sequentially to 0.6% last month.
In Apr-Jul, WPI inflation rose to 9.47%, compared to deflation of 0.2% a year ago. Primary articles inflation was 6.19% in the first four months of the current financial year, against (-)2.43% a year ago. Food inflation was at 5.12% in Apr-Jul compared to (-)0.45% a year ago.
During the first four month of 2026-27 (Apr-Mar), inflation in the manufactured products and fuel and power segments was 7.48% and 25.8%, respectively. A year ago, inflation in the manufactured products and fuel and power segments was 1.52% and (-)3.95%, respectively.
The recently released output Producer Price Index, which tracks output and input factory gate prices, was flat at 109.9 in July. The output Producer Price Index for Apr-Jul rose to 109.6 from 100.3 in the same period a year ago.
The trial Input Producer Price Index for all manufacturing industries eased to 105.9 in July from 107.1 in June. The Input Producer Price Index for manufacturing inflation was (-)1.1% on month in July, against 0.6% on month in June.
Looking ahead, ICRA anticipates further easing in WPI inflation to below 9.5% in August, after peaking at 9.9?ch during May and June.
According to Aastha Gudwani, India chief economist at Barclays, WPI inflation has peaked and gradual and modest disinflation from hereon should continue, in line with relatively lower global commodity prices in general and crude oil price in particular, since June. "Nevertheless, prints are likely to remain elevated through much of the year, with an average WPI inflation forecast of around 8.5% for FY27, feeding into a high nominal GDP growth figure as well," Rahul Agrawal, principal economist at ICRA, said in a note.
The following table details the sequential and annual increase in the main components of the WPI:
| Weight (%) | July (Index) | Month-on-month change (in %) | Year-on-year change | ||
| July | June | ||||
| ALL COMMODITIES | 100 | 110.0 | (-)0.2 | 9.78% | 9.87% |
| PRIMARY ARTICLES | 22.76 | 117.2 | 0.9 | 8.52% | 7.00% |
| Food articles | 15.98 | 118.2 | 0.8 | 5.44% | 5.49% |
| Cereals | 3.04 | 117.9 | 1.6 | 1.99% | 1.31% |
| Pulses | 0.56 | 115.1 | 0.6 | 3.97% | 3.25% |
| Vegetables | 1.73 | 116.3 | 5.5 | (-)0.34% | 4.95% |
| Potato | 0.38 | 72.9 | 8.0 | (-)23.58% | (-)29.98% |
| Onion | 0.19 | 158.6 | 37.9 | 39.74% | 3.70% |
| Tomato | 0.22 | 106.1 | (-)27.3 | (-)23.94% | 55.32% |
| Fruits | 1.67 | 112.1 | (-)4.5 | 2.84% | 6.34% |
| Milk | 4.19 | 118.3 | 0.1 | 3.68% | 3.68% |
| Eggs, meat, and fish | 3.15 | 117.1 | 0.4 | 12.49% | 9.48% |
| Non-food articles | 5.53 | 112.6 | 2.0 | 17.66% | 11.07% |
| Oil seeds | 0.99 | 119.8 | 2.2 | 19.09% | 20.82% |
| Minerals | 1.25 | 125.4 | 0.2 | 13.28% | 9.45% |
| FUEL and POWER | 14.11 | 105.4 | (-)5.1 | 20.05% | 27.41% |
| Coal | 0.08 | 87.2 | 1.6 | (-)2.02% | (-)2.83% |
| Liquefied petroleum gas | 0.44 | 141.8 | (-)9.2 | 64.88% | 75.20% |
| Petrol | 1.73 | 116.7 | (-)6.5 | 29.67% | 40.86% |
| High speed diesel | 4.02 | 106.1 | (-)3.5 | 26.01% | 32.57% |
| Electricity | 4.46 | 92.4 | 0.5 | 1.09% | (-)0.76% |
| Crude petroleum | 0.48 | 102.6 | (-)4.9 | 26.04% | 32.39% |
| MANUFACTURED PRODUCTS | 63.13 | 108.4 | 0.6 | 8.29% | 7.48% |
| Food products | 9.02 | 115.1 | 1.8 | 8.89% | 7.20% |
| Edible oils | 1.97 | 118.4 | 2.2 | 19.11% | 18.53% |
| Textiles | 4.09 | 104 | 1.8 | 12.80% | 10.85% |
| Chemical, chemical products | 6.13 | 102.6 | 0.2 | 13.12% | 12.78% |
| Non-metallic mineral products | 2.84 | 99.9 | 0.3 | 2.67% | 1.84% |
| Cement and lime | 1.68 | 95.4 | (-)0.2 | 0.00% | (-)0.52% |
| Basic metals | 8.4 | 102.2 | (-)0.9 | 12.56% | 12.31% |
| Semi-finished steel | 0.03 | 101.6 | 7.4 | 3.67% | (-)4.44% |
Source: Ministry of Commerce and Industry
End
Reported by Shweta
Edited by Avishek Dutta
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.
Informist Media Tel +91 (11) 4220-1000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2026. All rights reserved.
To read more please subscribe
Share this Story:
