July 2026 wholesale price index records modest decline, food prices stay high

The provisional data published on August 14 confirmed that India’s wholesale price index (WPI) registered a modest decline in July 2026. Overall inflation eased to 9.78 percent, compared with 9.87 percent in the preceding month. The aggregate WPI figure fell to 110.0 from 110.2.

A closer look at the components shows divergent patterns. Primary articles posted an inflation rate of 8.52 percent in July, up from 7.00 percent in June. Manufactured products also saw higher price growth, rising to 8.29 percent versus 7.48 percent a month earlier. In contrast, the fuel and energy category saw a sharp pull‑back, with inflation dropping from 27.41 percent in June to 20.05 percent in July, though the figure remains one of the highest among all categories.

The category‑specific indexes for July were: primary articles 117.2 (June 116.1), fuel & energy 105.4 (June 111.1), and manufactured goods 108.4 (June 107.8). The principal contributors to the July increase were petroleum products, food items, basic metals, non‑food primary articles, food‑product manufacturing, and chemicals.

Food inflation within the WPI rose to 6.65 percent in July from 6.14 percent in June, indicating that price pressures on essential groceries are persisting. The ministry also revised May’s final WPI to 110.1, which lifted May’s inflation rate to 9.88 percent from an earlier estimate of 9.68 percent. These figures are based on a weighted response rate of 98.14 percent, improving the confidence in the numbers.

In the Producer Price Index (PPI) series, May’s final PPI was adjusted upward to 109.9 from an earlier 109.6. The All‑India trial input PPI for July stood at 105.9, while the May final input PPI was revised to 106.5, up from an interim 104.9.