WPI base year 2022-23: PPI indices launch June 15, 2026

India is changing how it measures producer-level inflation, starting with a revised Wholesale Price Index (WPI) and a first set of Producer Price Indices (PPIs). The Department for Promotion of Industry and Internal Trade (DPIIT) has said the WPI base year will move from 2011-12 to 2022-23, and new producer price indicators will be introduced to widen coverage beyond the traditional wholesale basket.

The Office of the Economic Adviser under DPIIT will release the revised WPI series on June 15 at 12 noon. At the same time, the government will publish the country’s first Output Producer Price Index (OPPI), a Trial Input Producer Price Index (IPPI), and a Service Producer Price Index (Service PPI) covering seven services.

What the government will release on June 15

Officials said the rollout will include four separate producer-level indices with a base year of 2022-23. The revised WPI will replace the existing 2011-12 base year series, but the older framework will not disappear immediately because WPI is widely referenced in contracts.

Principal Economic Adviser Praveen Mahto said the shift from WPI to PPI will be gradual. The commerce and industry ministry also said WPI would continue to be released for five years from the date of the revised series, alongside PPI, and will be discontinued after that period.

This dual-publication approach is intended to give users time to shift to the new framework. It also signals that WPI will remain a reference point for a defined transition window, even as producer price measurement broadens to include output, input, and services inflation.

Base year revision and broader WPI commodity basket

The revised WPI series updates the base year from 2011-12 to 2022-23. DPIIT also said the revised WPI expands the number of commodities covered to 957 from 697.

A base-year change is typically used to better reflect the current structure of the economy and trade patterns. In this case, the update also comes with a larger commodity set, which can change the weight and representation of price movements across categories.

The revised WPI series is positioned as a replacement for the older series. However, its continuation in parallel with PPI publication for five years means markets and industry users will have a period where both frameworks are available.

New producer price indices: OPPI, trial IPPI, and Service PPI

Alongside the WPI update, DPIIT will introduce:

• Output Producer Price Index (OPPI)
• Trial Input Producer Price Index (IPPI)
• Service Producer Price Index (Service PPI)

Officials said this new framework will track output prices, input costs, and service-sector inflation. In contrast to WPI’s wholesale-level orientation, the PPI approach is presented as a more detailed view of producer-level price movements and how inflation transmits across industries.

The move also aligns India with practices followed by advanced economies and recommendations of the International Monetary Fund (IMF), according to officials.

Seven services covered under the Service PPI

The Service PPI being introduced will cover seven services. The services listed by the government are:

1. Banking
2. Securities transactions
3. Insurance
4. Management of pension funds
5. Railways
6. Air passenger transport
7. Telecom

Service-sector price indicators are a notable addition because WPI has historically been focused on goods. Including services is expected to widen the view of producer-side inflation pressures, especially in parts of the economy where pricing dynamics do not map cleanly to commodity-based wholesale markets.

Why WPI will continue for five years

The commerce and industry ministry said WPI will continue to be published for five years because it is widely used in price escalation clauses. Mahto said the five-year window would provide sufficient time for users to shift to the new framework.

This matters for companies and contractors where WPI-linked clauses influence billing, procurement, and contract price adjustments. A sudden discontinuation could disrupt existing agreements, so parallel publication gives a buffer period.

After that five-year period, the PPI is expected to replace WPI, officials said. Separately, officials also indicated the transition away from WPI is expected to be completed over the next five years, by 2031.

Release frequency and the back series provided

DPIIT said the revised WPI and Output PPI will be released on a monthly basis. The first release will include data for May 2026.

The government also said there will be a back series covering April 2023 to April 2026. Back series data can help analysts compare trends over time and interpret how the updated base year and expanded coverage affect historical inflation readings.

WPI vs PPI: what changes in measurement

Officials described the conceptual difference between the indices in practical terms. WPI tracks prices at the wholesale level, while PPI monitors basic prices at the farmgate and factory gate level without including taxes.

The addition of input and services indices expands the scope further. Under the new framework, producer-level inflation can be analysed through multiple channels: output prices, input costs, and service prices. This can help in understanding inflation transmission across supply chains and sectors, based on published index movements.

Key facts at a glance

Market impact: contracts, inflation tracking, and comparability

The most direct near-term impact is operational rather than market-volatility driven. Because WPI is used in price escalation clauses, the decision to continue publishing WPI for five years is aimed at preventing disruptions to ongoing contracts and pricing formulas.

For investors and analysts, the change affects how producer inflation is monitored. With output, input, and services indices published together, users will have a broader set of official data points to interpret producer-side price pressures, rather than relying mainly on wholesale goods inflation.

The back series from April 2023 to April 2026 is also relevant for comparability. It creates a bridge for analysts who track trends and need consistent historical context when a base year changes and coverage expands.

Analysis: why the overhaul matters

The government’s stated rationale is to align with global practices and IMF recommendations, while offering a more detailed picture of producer-level inflation. By introducing OPPI, IPPI, and Service PPI, the framework shifts from a single headline wholesale index to a set of indices that can separate output price movements from input cost pressures.

The inclusion of seven service categories indicates a deliberate step toward measuring producer inflation in parts of the economy that are not captured well through commodity wholesale prices. Over time, this can influence how businesses, policymakers, and market participants discuss producer-side inflation and its transmission.

At the same time, the five-year dual-publication plan suggests the government expects a measured adoption curve, particularly because WPI is embedded in commercial contracts and legacy reporting.

Conclusion

India will publish a revised WPI with a 2022-23 base year on June 15, and launch new producer price indices covering output, trial inputs, and seven services on the same date. WPI will continue alongside the PPI framework for five years due to its use in price escalation clauses, after which it is expected to be discontinued. The first monthly release will include May 2026 data and a back series from April 2023 to April 2026, providing a transition path for users tracking producer inflation trends.