India's wholesale inflation rises to -0.32% in Nov against -1.21% in Oct

November 2025 WPI-based inflation: The negative rate of inflation in November is primarily due to a decrease in prices of food articles, mineral oils, crude petroleum and natural gas

The Wholesale Price Index (WPI)-linked inflation rose to -0.32 per cent in November, from a 27-month low of -1.21 per cent in October, according to the data released by the Ministry of Commerce and Industry on Monday.

 

The negative rate of inflation in November is primarily due to a decrease in prices of food articles, mineral oils, crude petroleum and natural gas, the manufacture of basic metals and electricity.  "The WPI deflation narrowed faster than expected in November 2025, reflecting the base effect, weakening INR and rising prices of some commodities," said Aditi Nayar, chief economist and head of outreach at rating firm ICRA. 

November WPI food index

The WPI food index, which tracks the prices of food items and food products, showed a deflationary trend this month. However, the inflation was higher than last month, indicating an increase in food prices. Food inflation rose to -2.60 per cent in November, compared to -5.04 per cent in October. Meanwhile, minerals got a little more expensive in November.  Primary articles saw their deflation narrow to -2.93 per cent in November from -6.18 per cent the preceding month. Food articles deepened deflation to -4.16 per cent, with vegetables at -20.23 per cent, onions at -64.70 per cent, potatoes at -36.14 per cent, pulses at -15.21 per cent and cereals at -1.66 per cent compared to -1.05 per cent.  Milk inflation accelerated to 3.35 per cent from 3.02 per cent, while protein-rich items like eggs, meat, and fish rose to 2.08 per cent in November from 1.75 per cent in October.  

Fuel, power and manufacturing

Fuel also became costlier, with prices rising by 1.03 per cent. Petrol deflation narrowing to -1.75 per cent and high-speed diesel to -1.64 per cent, continuing multi-month declines, alongside cooking gas (LPG) at -12.78 per cent.  Electricity prices jumped sharply in November, marking a 6.70 per cent rise. Prices of mineral oils fell slightly, while coal prices remained unchanged.

 

Manufactured products saw a small decline of 0.07 per cent in prices during November. Items such as metal products, food products, chemicals, electronics and mineral-based products became cheaper, while prices of textiles, machinery, electrical equipment and clothing increased slightly during the month. 

ICRA pegs Dec WPI at 0.5%

With the further depreciation in the INR, hardening commodity prices, and an unseasonal rise in vegetable prices, and despite softening crude oil, ICRA expects the WPI to move into a year-on-year inflation of around 0.5 per cent in December, and subsequently average above 1.5 per cent in Q4 FY2026. 

 

"This will aid in a slight normalisation in the gross development product (GDP) deflator going ahead. The WPI is now likely to average around 0.4 per cent in FY2026," Nayar said. 

November CPI inflation rises to 0.71%

Meanwhile, the retail inflation, measured by the Consumer Price Index (CPI), rose to 0.71 per cent in November, from 0.25 per cent in October. The rise in the headline inflation in November is mainly due to higher prices of vegetables, eggs, meat and fish, spices, and fuel and light.

 

The headline inflation had continued its deflationary trend in the last two months after a slight increase in August, which marked the first monthly rise in inflation in 10 months.