India’s wholesale inflation dips to –1.21% as food, fuel ease

India’s wholesale inflation fell deeper into the negative zone in October 2025, with the Wholesale Price Index (WPI)–based inflation easing to –1.21%, compared with 0.13% in September. The Ministry of Commerce and Industry on Friday released the provisional data, which showed broad-based declines across food articles, crude petroleum, electricity, mineral oils, and basic metals. The continued fall in prices of key primary commodities and manufacturing inputs pulled down wholesale inflation further, marking the softest price movement in the past three months.
According to information, the WPI All-Commodity Index slipped marginally from 154.9 in September to 154.8 in October, leading to the overall decline. Price moderation was most evident in primary articles, which carry a weight of 22.62% in the WPI basket. The index for this category fell 0.42% month-over-month, easing from 189.0 to 188.2. Crude petroleum and natural gas prices declined sharply by 3.13%, while non-food articles registered a 1.73% fall. Minerals, however, saw a rise of 1.72%, and food articles remained unchanged. Year-on-year inflation for primary articles stood at –6.18%, significantly lower compared with the previous two months.
In contrast, the fuel and power category reported a month-on-month increase of 1.12%, with its index rising from 143.4 to 145.0 in October. Electricity prices surged 2.89%, and mineral oils increased 0.67%, while coal prices remained stable. Despite the monthly uptick, fuel and power inflation continued in deflationary territory at –2.55% year-on-year. Manufactured products, which account for more than half of the WPI basket, saw a slight 0.07% decline month-over-month. The index slipped from 145.2 in September to 145.1 in October, as price movements across the 22 manufacturing groups remained mixed. Seven groups recorded price declines, including basic metals, chemicals, non-metallic mineral products, motor vehicles, and printing media, while 11 groups saw price increases in categories such as textiles, food products, electronics, electrical equipment, and wood products. On an annual basis, manufactured product inflation eased to 1.54%.The WPI Food Index stayed unchanged on a monthly basis at 192.0 but posted a steep year-on-year deflation of –5.04% in October. Overall, wholesale price movements have been moderating for several months, with October reflecting a mild 0.06% monthly decline compared with a 0.19% drop recorded in September.

(Business Correspondent)