India’s Wholesale Price Index accelerated to 8.3% in April 2026, the highest since October 2022, driven mainly by fuel and manufactured goods. Fuel and power inflation surged to 24.7%, led by a steep rise in mineral oils as global crude prices climb amid the US-Iran conflict and Gulf shipping disruptions. Core WPI hit 5%. While food inflation eased to 2.3% due to weak foodgrain and pulses, international food prices are moving up, raising risk of a later rebound.
January was unusual for Indian car buyers: major automakers like Maruti, M&M and Tata didn’t raise prices as they typically do. The twist is that metal costs have been rising, and metals make up most of a vehicle’s weight. With companies now focused on pushing volumes while capacity expands, margins may soon force more “intelligent” pricing changes.
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