September WPI Inflation rises to 11.39% as food, fuel and manufactured goods prices increase

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Wholesale price inflation rose to 11.4% in September 2026, a record-breaking high during the 2.5 years for which the new series of the Wholesale Price Index (WPI) has data, and a 49-month-high as per the much longer old series. The main drivers of rising prices continue to be food and fuel.

The new series of the WPI has 2022-23 as its base year and so data goes back till only April 2024. The older series, with a base year of 2011-12, has a much longer historical database.

“The non-food manufactured goods (core WPI) segment accounted for more than half of the 147 bps uptick in the headline inflation print in September relative to August 2026, reflecting the impact of the passthrough of input cost pressures,” Rahul Agrawal, Principal Economist at ICRA said.

Inflation in the food articles component of the WPI came in at 8.1% in September 2026, up sharply from 5.7% in the previous month. However, this was also on a low base as prices in this component had contracted 6.8% in September last year.

The non-food primary articles segment also saw elevated inflation levels of 10.3% in September 2026, although this was the lowest in four months. Inflation in the manufactured goods category stood at a series-high of 9.8%, up from 8.4% in August 2026.

“The increase in wholesale inflation across food articles, fuel and power, and manufactured products highlights the need for businesses to closely monitor input costs and pricing conditions,” Anil Gupta, President, of the PHD Chamber of Commerce and Industry said.

“Greater efficiency in energy use, supply-chain management and procurement planning will be important in managing cost pressures and sustaining industrial competitiveness,” he added.

Inflation in the fuel and power category rose to 25.85% in September 2026, although this was the highest in only three months, with the rate of price rise having been higher in both May and June of this year.

Similarly, inflation in mineral oils (40%) rose to a three-month high in September, while that of crude petroleum and natural gas rose to a four-month high of 57.3%.

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