India’s wholesale prices increased 9.92% yoy in August 2026, accelerating slightly from a 9.78% rise in July and surpassing expectations of 9.89%. It was the fastest increase since September 2022, due to faster rises in fuel, manufacturing, and food prices. Fuel prices accelerated to 22.93% from 20.05% in July, mainly driven by faster increases in mineral oil prices (38.48% vs 32.4%) and crude petroleum and natural gas prices (34.41% vs 26.99%). Meanwhile, food inflation accelerated to 7.05% from 6.65% in July, the highest since January 2025. Manufacturing inflation also accelerated to 8.37% from 8.29%, the fastest pace since June 2022.