India’s wholesale price inflation eased to -0.32% year-on-year in November 2025, government data showed. The figure was better than the Reuters poll forecast of -0.6%, driven by softer food and fuel prices. Analysts say the moderation supports inflation management and signals stability for India’s industrial and economic outlook.
Inflation Trends Show Mild Deflationary Pressure
India’s Wholesale Price Index (WPI) inflation stood at -0.32% year-on-year in November 2025, according to government data reported by Reuters. The figure came in slightly above market expectations, as a Reuters poll had projected a deeper decline of -0.6%, signaling milder deflationary pressures than anticipated.
Key Highlights
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November WPI Inflation: Registered at -0.32% Y/Y, reflecting a continued cooling trend in wholesale prices.
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Comparison to Estimates: The reading was better than the Reuters poll forecast of -0.6%, suggesting resilience in certain sectors.
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Drivers of Decline: Softer fuel and food prices contributed to the negative inflation, while manufacturing costs remained relatively stable.
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Sectoral Impact: Lower wholesale prices provide relief to industries dependent on raw materials and may ease cost burdens across supply chains.
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Policy Context: Economists note that the moderation supports the Reserve Bank of India’s inflation management goals, while also offering fiscal space for growth-oriented measures.
Why It Matters
Wholesale inflation is a key indicator of input costs for businesses. A milder-than-expected decline signals stability in India’s price environment, boosting confidence for industrial growth and consumer markets heading into 2026.
Sources: Reuters (RTRS Government Data Release), Economic Times Inflation Tracker, Business Standard Market Reports