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High Frequency Indicators · WPI

Monthly pulse · Office of the Economic Adviser, DPIIT

Wholesale Inflation, Month by Month

Before prices reach the shop shelf, they move at the wholesale level — and the Wholesale Price Index is where India reads that first. It carries no consumer-style target band; instead it tracks the raw cost of goods across the economy, weighted heavily toward manufactured products, with fuel & power the most volatile piece. Track the headline, then split it into primary articles, fuel, factory goods and food. Numbers are the Economic Adviser's own, to the month.

How to read this. WPI measures wholesale prices, and unlike CPI it has no RBI target band — it is a cost gauge, not a policy target. In 2026 the Office of the Economic Adviser rebased WPI from 2011–12 to 2022–23 and launched the Producer Price Index alongside it. Use the Base year switch: 2011–12 is the long legacy series (2012→now); 2022–23 is the new official series (April 2023→now), reweighted — Primary Articles 22.8%, Fuel & Power 14.1%, Manufactured Products 63.1%. Each base shows only the OEA’s own published numbers on its own base; levels are not comparable across bases, but inflation is. “Inflation” here is the year-on-year change; a falling rate means wholesale prices are still rising, just more slowly. The latest two months are provisional and shown dashed.
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Wholesale Inflation
Wholesale Price Index (base 2011–12=100), year-on-year — the raw cost of goods across the economy, before they reach the shelf.
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politypolicy.com · by Tushar Gupta

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High Frequency Indicators · India, in Numbers
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High-frequency reads on the economy — inflation, trade, credit, payments, the rupee, power and more — each built from primary data and updated as it lands.