India’s WPI rose +0.51% MoM and +1.81% YoY (vs +1.25% YoY expected) in January 2026, extending the shift into positive wholesale inflation.

• All commodities index increased to 157.8 (from 157.0 in December), with YoY inflation +1.81% after +0.83% in December, indicating strengthening wholesale price momentum.

• Primary Articles fell -0.15% MoM but were +2.21% YoY, as food articles (-1.79% MoM) and minerals (-0.47%) declined while non food articles (+5.32%) and crude petroleum & gas (+4.27%) rose, showing mixed commodity pressures.

• Fuel & Power declined -1.62% MoM and remained in deflation at -4.01% YoY, driven by electricity (-2.91% MoM) and mineral oils (-1.68%), offset partly by coal (+0.73%).

• Manufactured Products increased +1.30% MoM and +2.86% YoY, with 19 of 22 manufacturing groups rising, indicating broad based factory price strength.

• WPI Food Index fell -0.92% MoM to 194.2 but inflation rose to +1.41% YoY, showing monthly easing alongside improving annual food pricing.

• The recent trend shows WPI inflation moving from -0.13% YoY in November to +0.83% in December and +1.81% in January, confirming a steady recovery in wholesale inflation.