FX.co ★ India Wholesale Inflation Hits Highest Since 2022

India’s wholesale prices rose 9.87% year-on-year in June 2026, up from 9.68% in May and above market expectations of 9.15%. This was the fastest pace since September 2022, driven primarily by a sharper rise in food prices and a surge in fuel costs, alongside continued increases in manufacturing prices.

Fuel prices jumped 27.41%, propelled by a steep increase in mineral oils (46.48%) and crude petroleum & natural gas (34.74%). Food inflation accelerated to 6.14% from 5.68% in May, the quickest rate since February 2025.

Manufactured product inflation remained unchanged at 7.48%, still the fastest since August 2022. Within this category, prices increased for tobacco products (14.14% vs 13.59% in May), chemicals and chemical products (12.78% vs 13.40%), basic metals (12.31% vs 12.30%), textiles (10.85% vs 10.22%), and food products (7.20% vs 6.14%).