India’s Wholesale Inflation surges to 9.68 percent in May — Highest in recent months

The index for All Commodities for May 2026 stands at 109.9, whereas it was 108.8 in April 2026.

Across Major Groups, YoY inflation for Primary Articles, Fuel and Power, and Manufactured Products is 4.99 per cent, 30.33 per cent, and 7.48 per cent, respectively in May 2026, whereas it was 3.78 per cent, 24.89 per cent, and 6.68 per cent, respectively, in April 2026.

The indices for Primary Articles, Fuel and Power, and Manufactured Products are 113.7, 113, and 107.8, respectively, in May 2026, whereas they were 112.6, 110.9, and 107, respectively, in April 2026.

Across Groups, ‘Mineral Oils (containing Petroleum Products)’, ‘Crude Petroleum and Natural Gas’, ‘Manufacture of Chemicals and Chemical Products’, and ‘Manufacture of Basic Metals’, have been major drivers of WPI inflation in April and May 2026.

The Food Index consists of ‘Food Articles’ from Primary Articles major group, and ‘Manufacture of Food Products’ from Manufactured Products major group. It observed a YoY inflation of 4.49 per cent in May 2026, compared to 3.11 per cent in April 2026.

The Final Estimate of WPI (Base Year 2022-23) for the month of March 2026 has been compiled with a weighted response rate of 97.02 per cent.

The Provisional Estimate of WPI (Base Year 2022-23) for the month of May 2026 has been compiled with a weighted response rate of 84.4 per cent.

In a major announcement, the government said in a statement: " Considering the wide usage of WPI in price escalation clauses, this index will be released for five years from the date of its release, along with PPI, and will be discontinued thereafter."

"This would give sufficient time to users to switch from WPI to PPI. The transition from WPI to PPI is in alignment with the global best practices adopted by advanced economies and the recommendations of the International Monetary Fund (IMF). Availability of both the Output PPI and Input PPI gives a better understanding of the price movements of output produced vis-a-vis inputs being used in an industry. It also explains how inflation experienced by producers on inputs are passed on to the output being produced," the statement said.