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Informist, Friday, Nov. 14, 2025

 

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--India Oct WPI inflation -1.21% vs 0.13% Sept
--Informist poll estimated India Oct WPI inflation at -0.9%
--India Oct WPI food inflation -5.04% vs -1.99% Sept
--India Oct WPI primary articles inflation -6.18% vs -3.32% Sept
--India Oct WPI fuel and power inflation -2.55% vs -2.58% Sept
--India Oct WPI manufactured products inflation 1.54% vs 2.33% Sept
--India Oct WPI all commodities index down 0.1% on month
--India Oct WPI food index flat on month
--India Oct WPI primary articles index down 0.4% on month
--India Oct WPI fuel and power group index up 1.1% on month
--India Oct WPI manufactured products index down 0.1% on month
--India Oct WPI vegetable index down 0.1% on month
--India Oct WPI cereals index up 0.2% on month
--India Oct WPI edible oils index up 0.2% on month
--India Oct WPI basic metals index down 0.2% on month
--India Oct WPI core inflation 1.5% vs 1.8% Sept
--India Oct WPI inflation of -1.21% lowest in 27 months

 

NEW DELHI – India's annual inflation rate based on the WPI fell to a 27-month low of (-)1.21% in October because of a favourable base effect and lower food prices, data released by the commerce ministry Friday showed. WPI inflation in October fell more than expected. According to an Informist poll, WPI inflation was seen easing to (-)0.9% from 0.13% in September and 2.75% in October 2024.

 

WPI turned deflationary in October, meaning wholesale prices fell from a year ago, for the first time in three months. WPI has been deflationary in three of the seven months this year. WPI inflation was last lower than (-)1.21% in July 2023 at (-)1.23%.

 

The base effect in October was such that if the all commodities index had remained unchanged from September, wholesale inflation would have declined to (-)1.1%. Inflation fell even more in October because of lower prices of food and manufactured products. 

The all commodities index of the WPI fell 0.1% on month in October, the second consecutive month of sequential decline. The wholesale food price index was flat on month but the primary articles index and the manufactured products index fell 0.4% and 0.1% from September. Wholesale prices of vegetables, pulses, fruits, and eggs and meat fell month-on-month in October, WPI data showed.

 

"An elevated base in the WPI-food segment, pushed down the deflation in this category to a series low of 5.0% from 2.0% in September 2025. This accounted for as much as 96 bps of the 134 bps softening in the headline print between these months," Rahul Agrawal, senior economist at rating agency ICRA, said in a note. 

 

WPI core inflation--or inflation excluding food and fuel items--fell to 1.5% in October having risen for four months in a row to a 31-month high of 1.8% in September. Inflation in manufactured products eased to 1.54% last month from 2.33% in September.

 

"ICRA expects the WPI-food index to remain in the deflationary zone in November 2025, although the extent of the same is set to narrow compared to the October 2025 print, as the favourable base dissipates," Agrawal said. "This, along with the uptick in global commodity price inflation, is expected to exert some upward pressure on the headline WPI print. We expect the deflation in WPI to narrow somewhat to around 0.5% in November 2025." 

 

The following table details the sequential and annual increase in the main components of the WPI:

 

	Weight (%)	October (index)	Month-on-month change	Year-on-year change
				October	September
ALL COMMODITIES	100.00	154.8	(-)0.1%	(-)1.21%	0.13%
PRIMARY ARTICLES	22.62	188.2	(-)0.4%	(-)6.18%	(-)3.32%
Food articles	15.26	199.8	0.0%	(-)8.31%	(-)5.22%
Cereals	2.82	206.4	0.1%	(-)1.05%	(-)0.34%
Pulses	0.64	195.8	(-)0.4%	(-)16.50%	(-)17.19%
Vegetables	1.87	234.7	(-)0.1%	(-)34.97%	(-)24.41%
Potato	0.28	225.8	3.9%	(-)39.88%	(-)42.24%
Onion	0.16	165.3	(-)7.4%	(-)65.43%	(-)63.79%
Tomato	0.28	303.0	(-)9.6%	(-)52.75%	(-)12.89%
Fruits	1.60	195.7	(-)2.5%	(-)7.03%	(-)4.06%
Milk	4.44	191.2	0.2%	3.02%	2.97%
Eggs, meat, and fish	2.40	174.0	(-)0.5%	1.75%	1.27%
Non-food articles	4.12	164.4	(-)1.7%	1.54%	3.14%
Oil seeds	1.12	196.8	(-)2.6%	6.15%	9.48%
Minerals	0.83	242.4	1.7%	5.57%	6.77%
Crude petroleum	1.95	109.0	(-)4.6%	(-)13.56%	(-)7.45%
FUEL and POWER	13.15	145.0	1.1%	(-)2.55%	(-)2.58%
Coal	2.14	136.1	0.0%	0.44%	0.37%
Liquefied petroleum gas	0.64	108.4	0.8%	(-)9.52%	(-)7.96%
Petrol	1.60	146.0	0.1%	(-)2.60%	(-)3.82%
High speed diesel	3.10	161.1	0.7%	(-)1.89%	(-)3.09%
Electricity	3.06	138.8	2.9%	(-)5.83%	(-)1.32%
MANUFACTURED PRODUCTS	64.23	145.1	(-)0.1%	1.54%	2.33%
Food products	9.12	179.0	0.1%	1.76%	4.56%
Edible oils	2.64	186.8	0.2%	4.83%	14.50%
Textiles	4.88	138.5	0.3%	1.91%	1.69%
Chemical, chemical products	6.47	136.8	(-)0.2%	0.37%	0.44%
Non-metallic mineral products	3.20	133.0	(-)0.7%	1.99%	2.53%
Cement and lime	1.64	132.0	(-)1.3%	2.48%	3.72%
Basic metals	9.65	137.1	(-)0.2%	(-)1.58%	(-)0.22%
Semi-finished steel	1.27	114.6	(-)0.7%	(-)2.88%	1.14%

 

Source: Ministry of Commerce and Industry

 

End

 

Reported by Shubham Rana

Edited by Akul Nishant Akhoury

 

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