Wholesale inflation eases marginally to 9.78% in July as fuel, food prices cool

Fuel and power inflation cooled sharply in July, helping pull down wholesale price pressures despite rising inflation in manufactured products

PGurus Newsdesk

August 14, 2026

Wholesale inflation fell marginally to 9.78% in July, while fuel prices cooled sharply and manufactured-product inflation remained elevated

The moderation offers some relief, but elevated prices across key sectors continue to keep inflationary pressures in focus

India’s wholesale price inflation eased marginally to 9.78% in July 2026, from 9.87% in June, as prices of fuel, power and some food items moderated, according to government data released on Friday.

The July reading marks the first month-on-month decline in wholesale inflation since the government introduced the new WPI series with 2022-23 as the base year. The Wholesale Price Index stood at 110.0 in July, compared with 110.2 in June.

Fuel and power inflation cools sharply

A key factor behind the moderation was a significant cooling in inflation in the fuel and power category. Inflation in the segment fell to 20.05% in July from 27.41% in June, providing some relief to overall wholesale price pressures.

Food prices, however, present a mixed picture. While the IndiaTV report highlights moderation in food prices, government-data based reports show that primary articles inflation increased to 8.52% in July from 7% in June, indicating that price pressures remain uneven across commodities.

Inflation in food articles stood at 5.44%, according to the latest data.

Manufacturing prices remain under pressure

Inflation in manufactured products rose to 8.29% in July from 7.48% in June, offsetting part of the relief from lower fuel and power prices.

The latest numbers therefore point to a complicated inflation picture: headline wholesale inflation has eased, but price pressures remain elevated in several segments.

The July figure was also slightly below the 9.95% rise expected by economists in a Reuters poll, suggesting somewhat softer-than-anticipated wholesale price pressures.

The moderation in wholesale inflation could offer some relief to producers and businesses facing elevated input costs. However, with food and manufactured-product inflation still showing pressure, the trajectory of prices will remain closely watched in the months ahead.

The new WPI series uses 2022-23 as its base year, replacing the earlier 2011-12 series. The government says the revised series is intended to better reflect current production structures and price movements.

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