FX.co ★ India’s Fuel WPI Deflation Deepens to -4.01% in January 2026

India’s Wholesale Price Index (WPI) for fuel and power fell deeper into deflation in January 2026, with the year-over-year indicator declining to -4.01%, down from -2.31% in December 2025. The latest data, updated on 16 February 2026, highlight a further softening in wholesale fuel prices compared with the same month a year earlier.

The January reading is calculated on a year-over-year basis, meaning the -4.01% figure reflects the change in fuel WPI relative to January of the previous year. Likewise, December’s -2.31% print represented the annual change versus December a year earlier. The widening negative rate suggests that fuel prices at the wholesale level have been falling at an accelerating pace as 2026 begins, which could help ease overall input costs for industry while also signaling weaker pricing power in the energy segment of the economy.