Wholesale inflation rose to 11.39% in September from 9.92% in August, the sharpest reading under the current WPI series (base year 2022-23), driven by a 57.32% year-on-year surge in crude petroleum and natural gas prices. Fuel and power inflation climbed to 25.85%, while manufactured product inflation reached 9.76%, and mineral oil prices rose 40.02%. Retail inflation also edged up to 5.54% from 4.83%, though wholesale electricity prices fell 0.43% year-on-year. The impact varies across utilities and industries, depending on procurement costs, contracts and tariff rules, and national data do not show where the burden is heaviest. The key question is how much of the shock is absorbed by suppliers and businesses and how much reaches consumers through higher prices and electricity bills.
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