India's WPI Inflation Remains Negative At -0.32% In November 2025: Driven By Lower Food & Fuel Prices

India's wholesale price inflation continued in negative territory in November 2025, according to data released by the Ministry of Commerce & Industry.

The annual rate of inflation based on the All India Wholesale Price Index (WPI) stood at -0.32% (provisional) for November 2025, compared to November 2024. This marks an improvement from the -1.21% recorded in October 2025.

Primary Reasons for Negative Inflation

The negative rate of inflation in November 2025 is primarily due to decrease in prices of food articles, mineral oils, crude petroleum & natural gas, manufacture of basic metals and electricity etc., the ministry stated.

Year-on-Year Inflation by Major Groups

The major WPI groups showed mixed trends on an annual basis:

• Primary Articles (Weight: 22.62%):  -2.93%
• Fuel & Power (Weight: 13.15%):  -2.27%
• Manufactured Products (Weight: 64.23%): 1.33%
• All Commodities:  -0.32%
• Food Index:  -2.60%

The Primary Articles group improved from -6.18% in October, while Fuel & Power edged up slightly from -2.55%. Manufactured Products moderated to 1.33% from 1.54% in the previous month.

Month-over-Month WPI Movement

Despite the annual deflation, wholesale prices rose sequentially. "The month over month change in WPI for the month of November, 2025 stood at 0.71% as compared to October, 2025," the release read.

Primary Articles

The index rose 2.07% to 192.1 from 188.2. Prices increased for minerals (4.50%), food articles (2.50%), and non-food articles (1.28%), but crude petroleum & natural gas fell -1.62%.

Fuel & Power

The index climbed 1.03% to 146.5 from 145.0. Electricity prices jumped 6.70%, offsetting a -0.67% drop in mineral oils. Coal prices remained unchanged.

Manufactured Products

The index dipped marginally by -0.07% to 145.0 from 145.1. Of the 22 industry groups, 14 recorded price declines, 7 saw increases, and one stayed flat.

Key declining groups included fabricated metal products, food products, non-metallic mineral products, computer and electronic products, and chemicals. Groups with price rises included machinery and equipment, textiles, electrical equipment, and wearing apparel.

Food Index Update

The WPI Food Index rose from 192.0 in October to 195.0 in November, with its annual inflation improving to -2.60% from -5.04%.

Other Details

The final WPI figure for September 2025 was revised to 155.0, with an inflation rate of 0.19%. The provisional November data was based on an 82.0% response rate.

The next WPI data for December 2025 will be released on January 14, 2026.

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