Data Alert
India WPI inflation rises to -0.32% in Nov from -1.21% in Oct
This story was originally published at 13:11 IST on 15 December 2025
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--India Nov WPI inflation -0.32% vs -1.21% Oct
--Informist poll estimated India Nov WPI inflation at -0.7%
--India Nov WPI food inflation -2.60% vs -5.04% Oct
--India Nov WPI primary articles inflation -2.93% vs -6.18% Oct
--India Nov WPI fuel and power inflation -2.27% vs -2.55% Oct
--India Nov WPI manufactured products inflation 1.33% vs 1.54% Oct
--India Nov WPI all commodities index up 0.7% on month
--India Nov WPI food index up 1.6% on month
--India Nov WPI primary articles index up 2.1% on month
--India Nov WPI fuel and power group index up 1.0% on month
--India Nov WPI manufactured products index down 0.1% on month
--India Nov WPI vegetable index up 13.7% on month
--India Nov WPI cereals index up 0.5% on month
--India Nov WPI edible oils index down 0.6% on month
--India Nov WPI basic metals index down 0.2% on month
--India Sept WPI inflation revised to 0.19% vs 0.13% provisional
--India Nov WPI core inflation 1.5% vs 1.5% Oct
NEW DELHI – India's annual inflation rate based on the WPI rose to (-)0.32% in November from a 27-month low of (-)1.21% in October mainly because of higher food prices, data released by the commerce ministry Monday showed.
WPI inflation in November rose more than expected. According to an Informist poll, WPI inflation was seen easing to (-)0.7%. WPI inflation was 2.16% in November 2024 and the September print was revised higher to 0.19% from 0.13% originally.
Despite the rise, November was the second consecutive month when WPI was in deflation, meaning wholesale prices fell from a year ago. WPI has been deflationary in four of the eight months this year.
Sequentially, the all commodities index of the WPI was up 0.7% in November, the biggest month-on-month increase in 13 months and much higher than the average rise of 0.2% during the month over the last 13 years.
The rise in all commodities index was driven by a 1.6% increase in wholesale food price index from October and a 2.1% increase in primary articles. Wholesale prices of vegetables jumped 13.7% on month in November. WPI food inflation rose to (-)2.60% last month from (-)5.04% in October. More
WPI core inflation--or inflation excluding food and fuel items--remained at 1.5% for the second consecutive month in November. Core inflation had risen to a 31-month high of 1.9% in September. Inflation in manufactured products, which make up for 64% of the WPI, eased to a 14-month low of 1.33% in November from 1.54% in October.
"With the further depreciation in the INR, hardening commodity prices, and unseasonal rise in vegetable prices, and despite softening crude oil, we expect the WPI to move into a YoY (year-on-year) inflation of around 0.5% in December 2025, and subsequently average above 1.5% in Q4 FY2026 (Jan-Mar)," said Aditi Nayar, chief economist at ICRA. "This will aid in a slight normalization in the GDP deflator going ahead. The WPI is now likely to average around 0.4% in FY2026."
The following table details the sequential and annual increase in the main components of the WPI:
| Weight (%) | November (index) | Month-on-month change | Year-on-year change | ||
| November | October | ||||
| ALL COMMODITIES | 100.00 | 155.9 | 0.7% | (-)0.32% | (-)1.21% |
| PRIMARY ARTICLES | 22.62 | 192.1 | 2.1% | (-)2.93% | (-)6.18% |
| Food articles | 15.26 | 204.8 | 2.5% | (-)4.16% | (-)8.31% |
| Cereals | 2.82 | 207.5 | 0.5% | (-)1.66% | (-)1.05% |
| Pulses | 0.64 | 195.7 | (-)0.1% | (-)15.21% | (-)16.50% |
| Vegetables | 1.87 | 266.9 | 13.7% | (-)20.23% | (-)34.97% |
| Potato | 0.28 | 245.3 | 8.6% | (-)36.14% | (-)39.88% |
| Onion | 0.16 | 175.0 | 5.9% | (-)64.70% | (-)65.43% |
| Tomato | 0.28 | 365.7 | 20.7% | (-)15.72% | (-)52.75% |
| Fruits | 1.60 | 196.6 | 0.5% | (-)0.91% | (-)7.03% |
| Milk | 4.44 | 191.4 | 0.1% | 3.35% | 3.02% |
| Eggs, meat, and fish | 2.40 | 176.7 | 1.6% | 2.08% | 1.75% |
| Non-food articles | 4.12 | 166.5 | 1.3% | 2.27% | 1.54% |
| Oil seeds | 1.12 | 203.3 | 3.3% | 9.54% | 6.15% |
| Minerals | 0.83 | 253.3 | 4.5% | 10.42% | 5.57% |
| Crude petroleum | 1.95 | 107.6 | (-)1.3% | (-)13.92% | (-)13.56% |
| FUEL and POWER | 13.15 | 146.5 | 1.0% | (-)2.27% | (-)2.55% |
| Coal | 2.14 | 136.1 | 0.0% | 0.44% | 0.44% |
| Liquefied petroleum gas | 0.64 | 107.8 | (-)0.6% | (-)12.78% | (-)9.52% |
| Petrol | 1.60 | 146.1 | 0.1% | (-)1.75% | (-)2.60% |
| High speed diesel | 3.10 | 161.7 | 0.4% | (-)1.64% | (-)1.89% |
| Electricity | 3.06 | 148.1 | 6.7% | (-)0.87% | (-)5.83% |
| MANUFACTURED PRODUCTS | 64.23 | 145.0 | (-)0.1% | 1.33% | 1.54% |
| Food products | 9.12 | 178.6 | (-)0.2% | 0.62% | 1.76% |
| Edible oils | 2.64 | 185.7 | (-)0.6% | 1.36% | 4.83% |
| Textiles | 4.88 | 138.7 | 0.1% | 1.91% | 1.91% |
| Chemical, chemical products | 6.47 | 136.5 | (-)0.2% | 0.07% | 0.37% |
| Non-metallic mineral products | 3.20 | 132.2 | (-)0.6% | 0.61% | 1.99% |
| Cement and lime | 1.64 | 130.2 | (-)1.4% | 0.08% | 2.48% |
| Basic metals | 9.65 | 136.9 | (-)0.2% | (-)1.23% | (-)1.58% |
| Semi-finished steel | 1.27 | 114.1 | (-)0.4% | (-)2.89% | (-)2.88% |
End
Reported by Shubham Rana
Edited by Akul Nishant Akhoury
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