WPI Inflation Stays in Negative Zone, November Print at -0.32%

New Delhi, Dec 15 (KNN) India's wholesale price index (WPI)-based inflation remained in the negative zone in the month of November 2025 but increased to (-) 0.32% from (-) 1.21% in the previous month, as per official data released on Monday.

The uptick in WPI inflation in November this year was primarily on account of rise in prices of food articles like pulses and vegetables on a month-on-month basis.

"Negative rate of inflation in November, 2025 is primarily due to decrease in prices of food articles, mineral oils, crude petroleum & natural gas, manufacture of basic metals and electricity etc," Ministry of Commerce and Industry said in a press release.

The month-on-month change in WPI in November, 2025 stood at 0.71% as compared to October, 2025.

As per the official data, food article inflation in November this year was (-) 4.16% as compared to (-) 8.31% in the previous month.

The data showed the Food Index consisting of 'Food Articles' from Primary Articles group and 'Food Product' from Manufactured Products group increased from 192 in October, 2025 to 195 in November, 2025. The rate of inflation (year-on-year) based on WPI Food Index increased from (-) 5.04% in October, 2025 to (-) 2.60% in November, 2025.

Vegetable prices remained low in the month under review with vegetable inflation standing at (-) 20.23% in November.

Commenting on WPI numbers, ICRA chief economist Aditi Nayar said, "The WPI deflation narrowed faster than expected to 0.3% in November 2025 from 1.2% in October 2025, reflecting the base effect, weakening INR (Indian rupee) and rising prices of some commodities."

She further said that with the further depreciation in the INR, hardening commodity prices, and unseasonal rise in vegetable prices, and despite softening crude oil, ICRA expects the WPI to move into a YoY inflation of around 0.5% in December 2025, and subsequently average above 1.5% in Q4 FY2026.

"This will aid in a slight normalization in the GDP (gross domestic product) deflator going ahead. The WPI is now likely to average around 0.4% in FY2026," Nayar added.

Unlike retail inflation which is based on prices paid by consumers for buying goods and services, WPI inflation tracks prices of goods at wholesale level.

The WPI inflation rate captures the average movement of wholesale prices of goods. It is primarily used as a GDP deflator.

(KNN Bureau)