Index Numbers of Wholesale Price in India for the Month of April 2026 (Base Year: 2011-12)

The annual rate of inflation based on the All India Wholesale Price Index (WPI) stood at 8.3% (provisional) in April 2026, compared to 3.88% in March 2026 — ...

What Happened

The annual rate of inflation based on the All India Wholesale Price Index (WPI) stood at 8.3% (provisional) in April 2026, compared to 3.88% in March 2026 — the highest level in 42 months.
The primary driver was a sharp spike in the Fuel and Power group, where inflation surged to 24.71% in April from just 1.05% in March — largely driven by crude petroleum and natural gas inflation rising to 67.18%, and petrol and high-speed diesel inflation at 32.40% and 25.19% respectively.
Primary Articles inflation increased to 9.17% in April, supported by higher prices of crude petroleum, natural gas, food articles, and minerals.
Food inflation (WPI Food Index) rose modestly to 2.31% year-on-year in April from 1.85% in March; the Food Index value moved from 192.8 (March) to 195.1 (April).
Month-on-month, the WPI rose 3.86% in April 2026 compared to March 2026.

Static Topic Bridges

Wholesale Price Index (WPI): Structure and Methodology

The WPI measures price changes of goods at the wholesale (first point of commercial transaction) level. In India, the WPI is compiled and released monthly by the Office of the Economic Adviser (OEA), Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry. The current series uses Base Year 2011-12 = 100, revised from the earlier 2004-05 base. WPI covers three broad groups: Primary Articles (weight: 22.62%), Fuel and Power (13.15%), and Manufactured Products (64.23%). It does not include services, unlike the Consumer Price Index (CPI).

Compiled by: Office of the Economic Adviser (OEA), DPIIT, Ministry of Commerce and Industry
Base year: 2011-12 (revised from 2004-05 in 2017)
Released: monthly (provisional data released on the 14th of the following month; final data released with a 2-month lag)
Three groups: Primary Articles (22.62%), Fuel and Power (13.15%), Manufactured Products (64.23%)
WPI excludes services; covers only goods at wholesale/producer level
WPI is used for: deflating GDP components (manufacturing), contract escalation clauses, tracking producer-level inflation

Connection to this news: The 8.3% WPI reading for April 2026 reflects a wholesale-level price shock driven overwhelmingly by the Fuel and Power group — a transmission from global crude oil price spikes (linked to West Asia geopolitical tensions) rather than broad-based domestic demand inflation.

WPI vs. CPI: Policy Relevance

The Consumer Price Index (CPI) — compiled by the National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) — measures price changes at the retail/consumer level. Since 2014 (following the Urjit Patel Committee recommendations, adopted by RBI), CPI has been the primary inflation indicator for monetary policy in India, replacing WPI. The Monetary Policy Framework Agreement (2015) between RBI and Government of India set CPI as the nominal anchor, with a target of 4% (±2% tolerance band). WPI, while no longer the monetary policy anchor, remains relevant for tracking input cost pressures that eventually pass through to consumer prices.

CPI (Urban + Rural + Combined): published by NSO, MoSPI
CPI covers goods and services; food and beverages weight ~45.86% in CPI basket
Urjit Patel Committee (2014): recommended flexible inflation targeting with CPI as nominal anchor
Monetary Policy Framework Agreement (2015): CPI target 4% ±2%; MPC (Monetary Policy Committee) set up under RBI Act amendment (2016)
WPI-CPI divergence: When WPI is high but CPI is lower, it suggests input cost pressures not fully passed to consumers (absorption by producers or supply-side relief elsewhere)
GDP deflator: a third price measure, broader than WPI/CPI, derived from nominal and real GDP

Connection to this news: A WPI of 8.3% driven by fuel costs could signal upside risk to CPI inflation in subsequent months if fuel and freight costs are passed through to manufactured goods and food distribution chains — a key transmission mechanism the RBI's MPC monitors.

Crude Oil and India's Import Dependence

India imports approximately 85-87% of its crude oil requirement, making domestic fuel prices and WPI highly sensitive to global crude price movements. The West Asia geopolitical tensions in 2026 drove a sharp spike in crude petroleum and natural gas prices. Under the administered price mechanism (APM), the government partially controls retail fuel prices; however, WPI records wholesale prices that are more directly linked to global benchmarks. Petroleum products have significant weight in both WPI (Fuel and Power group) and in the import bill, affecting the current account deficit.

India's crude oil import dependence: ~85-87% of domestic requirement
Fuel and Power weight in WPI: 13.15%
Crude petroleum and natural gas inflation (April 2026): 67.18% year-on-year
Petrol inflation: 32.40%; High-speed diesel inflation: 25.19% (April 2026)
India's primary crude oil sources: Iraq, Saudi Arabia, Russia, UAE
Current account deficit widens when crude prices spike — classic macroeconomic vulnerability for India

Connection to this news: The WPI spike to a 42-month high in April 2026 is essentially an imported energy shock transmitted through the Fuel and Power group, illustrating India's structural vulnerability to global oil price volatility.

Key Facts & Data

WPI inflation (April 2026, provisional): 8.3% year-on-year — highest in 42 months
WPI inflation (March 2026): 3.88%
WPI month-on-month change (April 2026): +3.86%
Fuel and Power group inflation (April 2026): 24.71% (vs 1.05% in March)
Crude petroleum and natural gas inflation: 67.18%
Petrol inflation: 32.40%; High-speed diesel inflation: 25.19%
WPI Food Index inflation (April 2026): 2.31% (vs 1.85% in March)
WPI Food Index value: 195.1 (April) vs 192.8 (March)
Primary Articles inflation (April 2026): 9.17%
WPI compiled by: Office of the Economic Adviser (OEA), DPIIT, Ministry of Commerce and Industry
WPI base year: 2011-12 = 100
Three WPI groups: Primary Articles (22.62%), Fuel and Power (13.15%), Manufactured Products (64.23%)
Monetary policy anchor: CPI (not WPI) — 4% target ±2% under MPC since 2016