Informist Poll
WPI seen staying in deflation for 2nd straight month in Nov
This story was originally published at 14:01 IST on 12 December 2025
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By Shubham Rana
NEW DELHI - India's WPI likely remained in deflation for the second consecutive month in November even as wholesale prices fell at a slower pace than in October. According to an Informist poll of 10 economists, WPI inflation is seen rising to (-)0.7% in November from a 27-month low of (-)1.21% in October.
WPI inflation was 2.16% in November last year. Estimates in the poll ranged from (-)0.9% to (-)0.1%. The commerce ministry will release WPI data for November at 1200 IST on Monday.
WPI stayed in the deflationary zone in November because of lower food prices compared with a year ago. Economists at Union Bank of India project WPI food inflation at (-)3.4% in November as against (-)5.0% in October.
Sequentially, vegetable prices rose last month. According to data from the Department of Consumer Affairs, wholesale prices of tomatoes rose 16% on month in November, while those of potatoes were up 5%.
"Fuel WPI likely remained in the deflationary zone for the 16th consecutive month in November 2025, reflecting a decline in crude, mineral oils and electricity segments while coal inflation likely inched up," Union Bank of India said in a report.
Core WPI inflation, inflation excluding food and fuel items, is seen staying around 1.5% for the second consecutive month in November. Prices of most commodities in the core WPI remained "range bound" in November, economists said.
WPI remains below its retail counterpart, which is expected to rise to 0.7% in November from a record low of 0.25% in October. The statistics ministry will release CPI inflation data for November at 1600 IST Friday.
The following is a summary of the poll by Informist on WPI inflation in November:
| ORGANISATION | WPI INFLATION ESTIMATE |
| ICICI Securities Primary Dealership | (-)0.9% |
| ICICI Bank | (-)0.89% |
| India Ratings and Research | (-)0.8% |
| Nirmal Bang Institutional Equities | (-)0.76% |
| YES Bank | (-)0.76% |
| ICRA | (-)0.6% |
| STCI Primary Dealer | (-)0.6% |
| Union Bank of India | (-)0.55% |
| Sunidhi Securities | (-)0.49% |
| Bank of Baroda | (-)0.1% |
End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Vandana Hingorani
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