WPI Inflation Jumps to 11.39% in September 2026: Fuel at 25.85%, Food Articles at 8.14%

Wholesale prices rose 11.39% in September; retail prices rose 5.54%. The two numbers came out two days apart, and the gap between them, 5.85 percentage points, says a lot about what may come next for household budgets. WPI inflation for September 2026, released by the Office of the Economic Adviser at noon on 14 October, rose from 9.92% in August. Fuel and power led at 25.85%. Here is what the WPI data shows, how it differs from CPI, and why it matters to you even though you never buy anything “wholesale”.

WPI inflation September 2026: the headline numbers

Source: Office of the Economic Adviser, DPIIT, press release of 14 October 2026 (base year 2022-23), Annexure II. September is provisional. Changes worked out by us.

The all-commodities index stood at 112.5 against 110.8 in August. July’s final WPI inflation was confirmed unchanged at 9.78%. The release notes that September’s provisional index was compiled with a weighted response rate of 83.4%, so revisions are possible.

What drove WPI inflation higher

The release names mineral oils, food articles, crude petroleum and natural gas, coal and lignite, basic metals, chemicals, textiles, rubber and plastic products, and electrical equipment as the drivers in September. A few groups stand out:

• Mineral oils at 40.02%: this covers petrol, diesel, LPG, kerosene and other petroleum products at the wholesale level. Mineral oils inflation has been above 32% in every month since April. Because India imports most of its crude, global oil prices and the rupee’s exchange rate both feed into this number.
• Crude petroleum and natural gas at 57.32%: up from 34.41% in August.
• Basic metals at 16.96% and chemicals at 16.74%: these are inputs for almost every manufactured good.
• Food articles at 8.14%: a sharp jump from 5.67%, in line with the rise in retail food inflation.

WPI vs CPI: why two inflation numbers

The RBI targets CPI inflation, not WPI. So why watch WPI? Because wholesale prices are, in part, tomorrow’s retail prices. When manufacturers and traders pay more for fuel, metals and raw materials, some of that cost tends to reach shop shelves over the following months. How much and how fast is uncertain, and it depends on demand, competition and taxes.

The September CPI figure, 5.54%, was released on 12 October (see our CPI explainer). A WPI number running twice as high suggests cost pressure has not yet fully passed through to consumers.

What WPI inflation means for your money

Household spending

Items with heavy fuel and raw-material content may see price increases: packaged goods, transport fares, plastic and metal products, and cooking gas if retail prices are revised. Fresh food is already costlier at both levels.

Loans

The RBI raised the repo rate to 5.50% on 7 October (our MPC report). Persistent cost pressure keeps rate risk alive for floating-rate borrowers. Bond yields have also risen; we explained what that means in our bond yield post. Neither is a prediction of another hike.

Savings

Deposits that pay less than CPI inflation after tax lose purchasing power. With CPI at 5.54% and wholesale costs higher still, look at where idle money sits. Our FD ladder guide shows one way to avoid locking all savings at a single rate.

Small business owners

If you run a shop or a small manufacturing unit, WPI is closer to your input costs than CPI. The group-wise table above is a useful check when you renegotiate supplier rates or reprice products.

A trend, not a one-month blip

WPI inflation has stayed above 8% every month from April to September 2026. Fuel and power inflation has been above 19% in each of those months.

Source: WPI release, Annexure II. Cumulative WPI inflation for April to September is 9.85% this year, against −0.20% in April to September 2025 and 1.72% in the same months of 2024 (Annexure IV).

The pattern has shifted over the six months. Early in the year, fuel did nearly all the work while food was mild. By September, food articles and manufactured products had picked up too. That broadening is what economists watch, because price rises spread across many goods are harder to reverse than a spike in one commodity.

The new producer price indices

The Office of the Economic Adviser now publishes two new measures alongside WPI on the 2022-23 base: an Output Producer Price Index (OPPI) and a trial Input PPI. In September, the all-commodities OPPI stood at 112.5, up from 110.8 in August. Mining and quarrying output prices rose fastest, to 129.2 from 122.0. These indices are still new, so there is little history to compare against, but they help show where in the production chain costs are rising.

When is the next WPI release?

The October 2026 WPI will be released on Monday, 16 November 2026, the release says, since the usual date of the 14th falls on a non-working day.

Here are the quick answers.

FAQs

What is WPI inflation for September 2026?

11.39% (provisional), up from 9.92% in August, as per the Office of the Economic Adviser.

Which group rose the most?

Fuel and power, at 25.85%. Within it, crude petroleum and natural gas rose 57.32% and mineral oils 40.02%.

Does the RBI use WPI to set interest rates?

The RBI’s target is CPI inflation. WPI is one of many indicators it watches.

Is WPI the same as the new Producer Price Index?

No. Alongside WPI, the office now also publishes an Output Producer Price Index and a trial Input PPI. They measure different parts of the price chain.

Takeaway: WPI inflation for September 2026 rose to 11.39%, more than double retail CPI, with fuel and metals leading. It does not change your loan rate directly, but it signals cost pressure that may still reach household bills.