WPI base year shifts to 2022-23; PPI from June 15, 2026

What is changing in India’s producer inflation data

India will roll out a revised Wholesale Price Index (WPI) series with a new base year of 2022-23 and, alongside it, introduce a new framework of Producer Price Indices (PPIs). The Department for Promotion of Industry and Internal Trade (DPIIT) said the new WPI series will replace the existing 2011-12 base year series. The Office of the Economic Adviser (OEA) will publish the revamped series on 15 June 2026. The same release will also mark the start of India’s first set of producer price indices covering output, inputs, and select services. The move is positioned as a major update in how producer-level inflation is tracked.

Launch date, timing, and the agencies involved

DPIIT said the revised WPI with base year 2022-23 will be released on 15 June at 12 noon by the OEA. Ministry officials also said the Commerce Ministry will release a new price index called the Producer Price Index (PPI) to measure factory-gate costs on the same date. Principal Economic Adviser Praveen Mahto said the transition would be gradual. According to him, WPI and PPI will run in parallel for five years before WPI is eventually discontinued. The official communication also indicates that from the launch date, both WPI and PPI will be released together for the next five years. Together, these statements set the operational roadmap for the shift.

What the revised WPI series includes

The revised WPI series expands the number of commodities tracked to 957 from the current 697. DPIIT said the update reflects changes in the economy since the previous base year. A larger commodity basket typically aims to improve how price movements across products are captured in the index. The revised WPI will replace the 2011-12 series, meaning the headline wholesale inflation prints will be based on the new structure after the switchover. The release on 15 June will include the revised WPI for May 2026. It will also include a back series to maintain continuity for analysts and users of the data.

New energy items and classification changes

The revamped basket incorporates renewable energy sources such as solar and wind power, and also includes nuclear electricity. These additions are made under the ‘Electricity’ group, reflecting changes in India’s energy mix referenced by the government. The government also said the structure for tracking energy prices has been integrated. Another key classification change is that crude petroleum and natural gas have been shifted from ‘Primary Articles’ to the ‘Fuel and Power’ group. Coal and petroleum products are already in ‘Fuel and Power’, and the shift is aimed at improving alignment within the energy grouping. These changes can alter how energy price movements feed into the overall wholesale inflation number.

The new PPI framework: OPPI, IPPI, and services

Alongside WPI, the government will publish a new Output Producer Price Index (OPPI). It will also release a trial Input Producer Price Index (IPPI). In addition, the government will introduce Service Producer Price Indices for seven services: banking, securities transactions, insurance, management of pension funds, railways, air passenger transport, and telecom. Officials described this as adopting global standards, with India publishing a PPI framework for the first time. The PPI is intended to measure producer-side prices at the factory gate, while the input index focuses on costs faced by producers. The inclusion of select services broadens producer inflation tracking beyond goods.

Release frequency and what data will be published first

DPIIT said WPI and Output PPI are being compiled on a monthly basis. The first publication on 15 June will carry provisional data for May 2026. It will also include a back series from April 2023 to April 2026, covering 37 months, for both the revised WPI and the Output PPI. This back series is meant to provide continuity and allow comparisons over time using the new base year. The new WPI and PPI series are expected to become the reference points for producer inflation data after the launch.

Key facts at a glance

Why the overhaul matters for markets and policy watchers

Producer inflation metrics are widely used to track pipeline price pressures that can feed into consumer inflation and corporate margins. With the WPI base year changing to 2022-23, long-term comparisons with older prints will require care, especially around energy and commodity groups where classification is being revised. The expansion to 957 items and the addition of renewable and nuclear electricity can change the weighting of segments that matter for input costs across sectors. The introduction of OPPI and trial IPPI creates separate lenses for output prices and input costs, which can help users distinguish demand-led pricing from cost-led pressure using official data. The service PPIs extend producer inflation monitoring into areas like banking and telecom, which have large linkages across the economy.

What to watch on 15 June

The first release will combine revised WPI and Output PPI numbers for May 2026 along with back-series data from April 2023. Analysts and investors are likely to focus on how the shift of crude petroleum and natural gas into ‘Fuel and Power’ changes the headline and group-level inflation profile. Another immediate point of attention will be how the new commodity basket behaves relative to the older 2011-12 series during the back-series period. Over the longer run, the government’s plan to run WPI and PPI in parallel for five years provides a transition window before WPI is eventually discontinued, as stated by Principal Economic Adviser Praveen Mahto.