India wholesale price index rises to 11% in September
Summary
In September 2026, India's wholesale price inflation rose to 11.39%, surpassing both the previous month's rate of 9.92% and market expectations, which estimated inflation would be around 10.2% to 10.6%. This jump in wholesale prices has been attributed to rising costs in key sectors such as food, fuel, energy, and manufactured products, reflecting ongoing price pressures that had already shown an upward trend leading into September.
Analysis
Prior trend: Wholesale inflation had already increased to 9.92% in August from 9.78% in July, indicating accelerating price pressures before the September release. Market expectations: Economists and Union Bank of India had forecast September wholesale inflation at roughly 10.2% to 10.6%, below the reported 11.39% outcome. Wholesale inflation: India's wholesale price inflation was expected to move into double digits in September, driven by higher food, fuel, energy, and manufactured-product prices.
Categories
macro
Related sources
- https://www.pib.gov.in/PressReleaseDetail.aspx?PRID=2322244®=48&lang=1
- https://www.mospi.gov.in/uploads/release_calendar/1791802279826_Press_Release_for_the_month_of_September,_2026.pdf
- https://mospi.gov.in/uploads/latestReleases/latest_release_1791800601071_643518af-5320-4e52-b78c-75c92b83885b_Press_Release_for_the_month_of_September,_2026.pdf
- https://www.aninews.in/news/business/wpi-inflation-likely-to-breach-10-in-september-remain-elevated-through-2026-experts20260914202939
- https://www.icra.in/Rating/DownloadResearchSpecialCommentReport?id=7102
- https://www.pib.gov.in/PressReleaseDetail.aspx?PRID=2309977®=48&lang=1
- https://www.tribuneindia.com/news/business/ubi-projects-wholesale-inflation-at-10-6-in-september-sees-double-digit-wpi-in-near-term/amp/?utm=relatedarticles
- https://www.indiaratings.co.in/expertcommentary
- https://www.ebc.com/forex/india-inflation-september-2026-food-prices-rbi
- https://www.business-standard.com/topic/cpi