New Delhi: Wholesale price inflation (WPI) in India turned negative in November, coming at -0.32 percent, according to government data. This means that overall, wholesale prices of goods fell slightly
compared to last month. The main reason was a drop in prices of food items, fuels, and some manufactured goods.
In October, WPI inflation was -1.21 percent, while in November last year, it had been 2.16 percent. The Industry Ministry said that the negative inflation in November 2025 is mainly due to lower prices in food items, mineral oils, crude oil, natural gas, basic metals, and electricity.
Food articles, in particular, saw deflation of 4.16 percent in November, compared to 8.31 percent in October. Vegetable prices fell by 20.23 percent in November, down from a 34.97 percent fall in October. Pulses saw a 15.21 percent decline, while potatoes and onions dropped sharply by 36.14 percent and 64.70 percent, respectively.
Manufactured products showed slower inflation, rising just 1.33 percent in November compared to 1.54 percent in October. Fuel and power prices also fell, with deflation of 2.27 percent, slightly better than October’s 2.55 percent.
In contrast, retail inflation measured by the Consumer Price Index (CPI) increased slightly to 0.71 percent in November from 0.25 percent in October, mainly due to higher food prices.
Low inflation this year has allowed the Reserve Bank of India (RBI) to reduce policy interest rates by 1.25 percentage points. The RBI recently cut key rates by 25 basis points to 5.25 percent, calling the current situation a “rare Goldilocks period,” with high economic growth and low inflation.
The RBI also lowered its inflation forecast for the current fiscal year from 2.6 percent to 2 percent, as the economy continues to experience rapid disinflation. On the growth side, India’s GDP forecast for FY26 was raised to 7.3 percent from 6.8 percent, following strong growth of 8.2 percent in the September quarter and 7.8 percent in the June quarter.
