India's wholesale prices fall 0.32% in November vs 1.21% contraction in October

India's wholesale price inflation contracted by 0.32% on annual basis in November, primarily driven by a decrease in food prices, mineral oils, and crude petroleum & natural gas, government data showed on Monday.

Wholesale Price Index (WPI)-based inflation fell by 1.21% in October, while it rose for 0.19% in September.

WPI Food Index

The rate of inflation (Y-o-Y) based on WPI Food Index increased from (-)5.04% in October to (-)2.60% in November, 2025.
The Food Index consisting of food articles and food products have increased from 192.0 in October to 195.0 in November, 2025.

The Ministry of Commerce and Industry noted that the prices of minerals (4.50%), food articles (2.50%) and non-food articles (1.28%) increased in November as compared to the previous month. However, the price of crude petroleum & natural gas (-1.62%) decreased in November.

The price of mineral oils (-0.67%) decreased in November as compared to October, 2025. The price of coal remained same as in the previous month.

Manufacture of fabricated metal products, except machinery and equipment, food products, other non-metallic mineral products, computer, electronic and optical products and chemicals and chemical products witnessed a decrease in prices.

Some of the groups that witnessed an increase in prices in November were other manufacturing, machinery and equipment, textiles, electrical equipment and wearing apparel etc.

WPI based inflation (YoY) figures for last 6 months

• June 2025: (-) 0.19%
• July 2025: 0.58%
• August 2025: 0.52%
• September 2025: 0.19%
• October 2025: (-) 1.21%
• November 2025: (-) 0.32%

Retail inflation data released last week showed a 0.71% rise on an annual basis, as against a record low of 0.25% in October, on rising prices of vegetables, protein-rich items, and fuel.