New Delhi [India], December 15 : The annual rate of inflation based on the All-India Wholesale Price Index (WPI) recorded a contraction of 0.32 per cent for the month of November 2025, compared to the corresponding month of the previous year, according to data released by the Ministry of Commerce & Industry.
This marks a continuation of the soft inflationary trend seen in recent months, reflecting easing price pressures across several key commodity groups.
The negative WPI inflation was primarily driven by a decline in prices of food articles, mineral oils, crude petroleum and natural gas, basic metals, and electricity, among other components. These categories collectively exerted downward pressure on the overall index, offsetting price increases witnessed in certain manufactured and primary commodities.
Despite the year-on-year contraction, the WPI registered a positive month-on-month increase of 0.71 per cent in November 2025 compared to October 2025.
This sequential rise indicates an uptick in wholesale prices over the preceding month, suggesting emerging price momentum at the wholesale level even as annual inflation remained in negative territory.
In absolute terms, the overall WPI stood at 155.9 in November 2025, reflecting a year-on-year decline. For comparison, the index for October 2025 was recorded at 154.8, with an annual inflation rate of -1.21 per cent, while September 2025 saw the index at 155.0, registering a marginal positive inflation of 0.19 per cent.
Among the major commodity groups, Primary Articles recorded an index of 192.1, with inflation at 2.93 per cent, indicating firm prices in this segment. The Fuel and Power group, however, witnessed a decline, with the index at 146.5 and inflation contracting by 2.27 per cent, largely due to lower prices of mineral oils and electricity.
Manufactured Products, which constitute the largest share of the WPI basket, stood at an index level of 145.0 and registered an inflation rate of 1.33 per cent, reflecting moderate price pressures in manufactured goods.
The WPI Food Index, which combines food articles from both the primary and manufactured products groups, increased to 195.0 in November 2025. However, on a year-on-year basis, the food index contracted by 2.60 per cent, underscoring the impact of lower food prices over the past year.
The WPI figures have been compiled using the base year 2011-12. The data released is provisional in nature and remains subject to revision in accordance with the established index revision policy of the government.
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