Ministry of Commerce & Industry Releases Service Producer Price Indices for Q1 FY2026-27
The Ministry of Commerce & Industry, through the PIB Delhi release on August 24, 2026, published the Provisional Estimates of Service Producer Price Indices (Base Year 2022-23) for Q1 of FY 2026-27 and Final Estimates for Q4 of FY 2025-26. The data covers seven key service sectors with detailed indices and year-on-year inflation rates.
Key Service PPI Figures for Q1 FY2026-27 (Provisional) and Q4 FY2025-26 (Final)
The Securities Transaction Service Price Index declined to 89.9 in Q1 FY2027 from 91.7 in Q4 FY2026, representing a year-on-year inflation rate of -1.32%. The Banking Service Price Index showed modest improvement to 100.9 from 100.5, with a YoY inflation of -3.35%, while the Banking Service Contribution Index increased significantly to 134.8 from 131.5, reflecting strong 6.90% YoY growth.
Management of Pension Funds Service Price Index demonstrated substantial growth, rising to 113.3 in Q1 FY2027 from 103.8 in Q4 FY2026, with 5.20% YoY inflation. The Insurance Service Price Index remained unchanged at 102.9, showing 0.98% YoY inflation. Telecom Service Price Index also remained stable at 112.2, with 0.72% YoY inflation.
Railway Service Price Index showed minimal change at 103.4 compared to 103.3 in the previous quarter, with 1.27% YoY inflation. The Railway Freight Service Price Index increased slightly to 103.3 from 103.2 (0.10% YoY), while Railway Passenger Service Price Index remained unchanged at 103.5 (3.50% YoY).
The most significant movement was in the Air (Passenger) Service Price Index, which surged to 126.4 in Q1 FY2027 from 106.9 in Q4 FY2026, representing a substantial 31.94% year-on-year inflation rate.
Historical Context and Data Availability
The release includes comparative data for the last four quarters, showing trends from Q2 FY2025-26 through Q1 FY2026-27. 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 under each service have been computed using FY 2022-23 data. Complete quarterly Service PPIs from Q1 of FY 2023-24 to Q1 of FY 2026-27 are available through the ministry's online portal, with the next release for Q2 of FY 2026-27 scheduled for November 25, 2026.