India will introduce a revised Wholesale Price Index (WPI) series with a new base year of 2022-23 from 15 June 2026, replacing the existing 2011-12 series, the Ministry of Commerce and Industry announced on Tuesday, 2 June.
The revision has been approved by the competent authority following recommendations from the Technical Advisory Committee on Statistics of Price and Cost of Living and subsequent presentation before the National Statistical Commission, the ministry said.
The Office of Economic Adviser under the Department for Promotion of Industry and Internal Trade (DPIIT) will release the revised WPI series on 15 June at 12 noon.
Alongside the new WPI, the government will also launch an Output Producer Price Index (OPPI), a Trial Input Producer Price Index (IPPI), and Service Producer Price Indices for seven services – banking, securities transactions, insurance, pension fund management, railways, air passenger transport and telecom.
The ministry said the existing WPI will continue to be published for five years alongside the new producer price indices before being discontinued, allowing users adequate time to transition.
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The move aligns India’s price measurement framework with international practices and recommendations of the International Monetary Fund.
Among the key changes in the revised WPI series is a significant expansion in coverage, with the number of items increasing from 697 to 957.
Renewable energy sources such as solar and wind power, along with nuclear electricity, have been added to the electricity basket.
Crude petroleum and natural gas have also been shifted from the Primary Articles category to the Fuel and Power group to create a more integrated framework for tracking energy prices.
The revised series adopts Gross Value of Output (GVO) for determining weights instead of the Net Traded Value approach used in the previous series.
The government said this better reflects the economic significance of commodities from a producer’s perspective.
The new series also introduces chain-based methods for compiling elementary indices and uses targeted mean imputation for handling missing price data.
The revised WPI and Output PPI will be released monthly, with data available from May 2026 onwards along with a back series covering April 2023 to April 2026.
The monthly Trial Input PPI (only for Manufacturing Sector) will be published on an experimental basis from March 2026 onwards, while the Service PPI will be published quarterly beginning with the fourth quarter of 2025-26 and accompanied by historical data from 2023-24 onwards.
