India’s manufacturers are facing an inflation shock that consumers have so far been spared to some extent. At a broader level, this relief may persist, but consumers of several products could also feel the pain more acutely in the coming weeks. Wholesale price inflation climbed to 9.92% in August, while retail inflation rose to 4.82%, leaving companies with a nearly five-percentage-point gap between the cost environment they face and the prices they can charge consumers.