The Ministry of Commerce & Industry released provisional Service Producer Price Indices (Base Year 2022-23) for Q1 of FY 2026-27 and final estimates for Q4 of FY 2025-26, covering seven key service sectors. The data shows significant variation across services, with Air Passenger Service experiencing the most dramatic change at 126.4 in Q1 FY27, representing a 31.94% year-on-year increase.
Securities Transaction Service Price Index declined to 89.9 in Q1 FY27, down 1.32% year-on-year, continuing its volatile trend from previous quarters where it reached 92.4 in Q2 FY26, 89.2 in Q3 FY26, and 91.7 in Q4 FY26. Banking services showed mixed signals with Banking Service Price Index at 100.9 in Q1 FY27 (down 3.35% YoY) while Banking Service Contribution Index rose to 134.8 (up 6.90% YoY).
Management of Pension Funds Service Price Index increased to 113.3 in Q1 FY27, up 5.20% year-on-year, showing recovery from the previous quarter's 103.8. Insurance Service Price Index remained unchanged at 102.9 in Q1 FY27, with a 0.98% year-on-year increase. Telecom Service Price Index held steady at 112.2 with minimal 0.72% year-on-year growth.
Railway services showed modest increases with overall Railway Service Price Index at 103.4 in Q1 FY27 (up 1.27% YoY), comprising Railway Freight Service at 103.3 (up 0.10% YoY) and Railway Passenger Service at 103.5 (up 3.50% YoY). The ministry noted that weights have not been assigned to these services as they do not cover the entire service sector, though sub-service level weights were computed using FY 2022-23 data. The next release for Q2 FY27 service PPIs is scheduled for November 25, 2026.