India’s wholesale prices increased 9.78% year-on-year in July 2026, slowing from a 9.87% gain in June, which was the fastest increase since September 2022 and below expectations of 9.95%. The deceleration came due to softer increases in both food and fuel prices amid easing oil prices. The data are based on the new 2022–23 base year, replacing the earlier 2011–12 series. Fuel prices moderated (20.05% vs. 27.41% in June), while food inflation slowed slightly to 5.44% from 5.49% in June, marking the softest increase in three months.