India’s wholesale inflation eased to 9.78% year-on-year in July 2026 from 9.87% in June, undershooting expectations of 9.95% and marking the softest increase since April. The reading was published under a new 2022–23 base year series, replacing the earlier 2011–12 benchmark. The slowdown reflected cooler fuel and food price gains as oil prices eased, while manufacturing inflation accelerated to its fastest pace since June 2022.