Onion, steel and crude oil drove September's wholesale price jump

Wholesale price inflation (WPI) in India rose to 11.39% in September 2026, from 9.92% in August. Wholesale prices are what businesses pay for goods in bulk, before the goods reach shops.

Surprisingly, diesel and petrol did not cause the jump. Together they gave only about 2.8% of September's rise.

3 other things did. 6 steel products, from the coils that go into cars and machines to the bars that go into buildings, gave about 18.5% of the rise. Onion prices went up 58% in a month and gave about 12.1%. Crude oil went up 27% and gave about 8.5%.

These 3 make up only about 4% of the index, but gave about 39% of the month's rise!

Fuel still leads over the full year! Since September 2025, diesel gave about 8.8% of the index's rise and petrol 5.1%, more than any other items. Manufactured goods gave about 53% of the year's rise.

The shares are approximate, because the index is published to 1 decimal, and the August and September figures are still provisional.

Fuel was already expensive. In September, steel, crude oil and onions became more expensive too. Steel and crude oil can make cars, appliances and other goods costlier to produce. Onion prices affect household budgets directly. The next inflation reading on 16 November will show whether these price rises continued into October or began to ease.

Steel, onion and crude oil drove September's wholesale rise

Each item's share of the rise in India's wholesale prices from August to September 2026, 1.7 index points. The 3 together gave about 39%; diesel and petrol gave under 3%.

% OF THE RISE, AUG TO SEP 2026

• Onion12.1%
• 6 steel products18.5%
• Crude oil8.5%
• Everything else58.1%
• Diesel and petrol2.8%

Share = item weight x change in its index, over the 1.7-point rise. Steel: hot rolled coils, bars and rods, billets, zinc-coated steel, galvanised sheet, structural sections. Indices are rounded to 1 decimal and provisional, so shares are approximate.

Office of the Economic Adviser, WPI (base 2022-23) for September 2026, press release and item index workbook; shares worked out from item weights and indices · Aug to Sep 2026

Manufactured goods gave over half of the wholesale price rise

Each group's share of the rise in India's wholesale prices from September 2025 to September 2026, 11.5 index points. Fuel and power gave about 28%, twice its weight in the index.

% OF THE RISE, SEP 2025 TO SEP 2026

• Manufactured products53.4%
• Fuel and power27.7%
• Primary articles18.9%

Share = group weight x change in its index since September 2025, over the 3 groups' total. Primary articles: food, other farm goods and minerals. September 2026 is provisional.

Office of the Economic Adviser, WPI (base 2022-23) press release for September 2026; shares worked out from group weights and indices · Sep 2025 to Sep 2026

Fuel led the year's wholesale price rise, not September's

Share of the rise in India's wholesale prices, over the year to September 2026 and in September alone. Diesel and petrol led the year; steel, onion and crude oil led the month.

% OF THE RISE IN WHOLESALE PRICES

Over the year to SeptemberIn September alone

Steel: 6 products, from coils to bars. Shares are approximate, because the index is rounded and provisional.

Office of the Economic Adviser, WPI (base 2022-23) item index workbook and press release for September 2026; shares worked out from item weights and indices · Sep 2025 to Sep 2026

Sources

• Office of the Economic Adviser, DPIIT, Ministry of Commerce and Industry, Provisional Wholesale Price Index for September 2026 (base 2022-23), press release, 14 October 2026 (PDF, 19 pages)
• Office of the Economic Adviser, WPI (base 2022-23) monthly index by item, April 2023 to September 2026, wpi_monthly_index_202610.xlsx (columns: weight, then the monthly index)
• Office of the Economic Adviser, WPI 2022-23 series data downloads, where the item workbook is listed