WPI food inflation is also expected to inch up in April 2026, amid early trends of hardening in prices of edible oils (global supply disruptions) and pulses
As an adverse impact of the surge in global energy prices, along with elevated shipping, freight and input costs, is expected to continue to weigh on the landed cost of imports, Wholesale Price Index (WPI) inflation is expected to rise further to around 4.8 per cent in April 2026, Icra said in a report.
The report noted that assuming an average crude oil price of USD 85 per bbl for the current financial year, Icra has pegged the WPI inflation to average at around 3.5 per cent, with sizeable upside risks, including those stemming from a deficient monsoon owing to potential El Niño developments.
WPI food inflation is also expected to inch up in April 2026, amid early trends of hardening in prices of edible oils (global supply disruptions) and pulses. The report added that the WPI inflation nearly doubled to 3.9 per cent in March 2026 from 2.1 per cent in February 2026, while printing largely in line with Icra’s forecast (4 per cent). Crude petroleum and natural gas, and the fuel and power groups witnessed sizeable hardening in their YoY inflation rates, reflecting the impact of the surge in global energy prices owing to the West Asia crisis.
The report added that these two groups together accounted for 150 basis points of the 175 basis points uptick in the headline print in March 2026 relative to February 2026.
“While WPI-food (primary food articles and manufactured food products) inflation remained steady at 1.8 per cent in March 2026, the non-food manufactured items or core-WPI hardened to a 41- month high of 3.7 per cent from 3.3 per cent in February 2026, driven by chemicals, textiles, motor vehicles,” the report added.
