WPI Inflation Remains Negative at (-)0.32% in November 2025 Due to Primary Articles and Fuel Price Deflation
SDG 8: Decent Work and Economic Growth | SDG 9: Industry, Innovation, and Infrastructure
Ministry of Commerce & Industry | Department for Promotion of Industry and Internal Trade (DPIIT)
The annual rate of inflation based on the All India Wholesale Price Index (WPI) for November 2025 stood at (-)0.32% (provisional), continuing the trend of WPI deflation. This rate is an improvement from the (-)1.21% recorded in October 2025. The primary reason for the negative inflation is the decrease in prices of key commodity groups, notably food articles, mineral oils, crude petroleum & natural gas, manufactured basic metals, and electricity.
Key movements across major groups in November 2025 (Year-on-Year):
Primary Articles (Weight 22.62%): Recorded a significant deflation of (-)2.93%. This was driven by a sharp drop in Vegetables prices at (-)20.23%, with Onion seeing deflation of (-)64.70% and Potato at (-)36.14%. However, there was a month-on-month price increase of $2.50\%$ for Food Articles.
Fuel & Power (Weight 13.15%): Continued in deflation at (-)2.27%. The price of Crude Petroleum and Natural Gas also decreased year-on-year by (-)8.66%.
Manufactured Products (Weight 64.23%): Showed modest inflation at 1.33%, continuing a deceleration from $1.54\%$ in October 2025. Month-on-month, the index for this major group actually decreased by $(-)0.07\%$.
What is the WPI Food Index? The WPI Food Index is a sub-component that captures inflation based on the combined prices of ‘Food Articles’ (from the Primary Articles group) and ‘Food Products’ (from the Manufactured Products group). Its year-on-year deflation improved significantly from $(-)5.04\%$ in October 2025 to (-)2.60% in November 2025.
Policy Relevance
The WPI’s continued negative headline rate provides a benign environment for industrial raw material costs, as reflected by the deceleration of inflation in manufactured products. However, the sharp month-on-month increase in Primary Articles (+2.07%) and the Food Index (+1.56%) signals immediate pressure from agricultural goods, which could soon feed into consumer price inflation (CPI). The persistent price deflation in key industrial inputs like basic metals and mineral oils supports manufacturing sector output but suggests muted industrial demand globally or persistent commodity oversupply.
Follow the full news here: Index Numbers of Wholesale Price in India for the Month of November, 2025 (Base Year: 2011-12)
Index Numbers of Wholesale Price in India