India Wholesale Price Index

Data Prices

Source: Office of the Economic Advisor, India
Source Link: https://eaindustry.nic.in/
Frequency: Monthly
Next Release(s): September 15th, 2025 1:30 AM

Latest Updates

India’s Wholesale Price Index (WPI) rose 0.39% MoM in July 2025 but fell -0.58% YoY (vs -0.3% YoY expected), marking the second straight month of annual deflation, led by sharp declines in primary articles and food prices.
- Primary articles rose +1.18% MoM but inflation fell to -4.95% YoY from -3.38% in June.
- Fuel & power increased +1.12% MoM, but YoY inflation stayed negative at -2.43%.
- Manufactured products edged down -0.14% MoM but remained up +2.05% YoY.
- The WPI Food Index rose +0.58% MoM, while food inflation dropped to -2.15% YoY from -0.26% in June.
India’s Wholesale Price Index (WPI) declined -0.19% MoM and fell -0.13% YoY (vs 0.52% YoY expected) in June 2025, marking the first negative YoY print since October 2023, led by declines in fuel, food, and metals.
- Primary articles rose 0.81% MoM, but inflation remained negative at -3.38% YoY, with vegetable prices down -22.65% YoY.
- The WPI Food Index rose 0.37% MoM, but annual food inflation slipped to -0.26% YoY from 1.72% YoY in May.
- Fuel & power dropped -2.52% MoM and -2.65% YoY, with electricity prices down -9.10% MoM.
- Manufactured products were nearly flat at -0.07% MoM and up 1.97% YoY, with notable weakness in basic metals (-1.00% MoM, -3.14% YoY) and semi-finished steel (-1.26% MoM, -3.70% YoY).
India’s Wholesale Price Index (WPI) inflation eased to 0.39% YoY (vs 0.80% MoM expected) in May 2025, down from 0.85% YoY in April and 2.25% in March, as price pressures in primary articles and fuel continued to decline.
- WPI fell -0.06% MoM in May, the sixth consecutive month of negative or flat MoM prints.
- Primary Articles index declined -2.02% YoY and -0.05% MoM, with mineral prices down -7.16% MoM and non-food articles down -0.63%.
- Fuel & Power index dropped -2.27% YoY and -0.95% MoM, led by mineral oils (-2.06% MoM); electricity and coal prices rose 0.80% and 0.81%, respectively.
- Manufactured Products inflation slowed to 2.04% YoY, with no change MoM; price gains in computers, pharma, and textiles were offset by declines in metals, chemicals, and food processing.
- The WPI Food Index edged up 0.11% MoM with the annual rate slowing to 1.72% YoY in May from 2.55% YoY in April, the lowest since October 2023.
The annual rate of inflation based on the All India Wholesale Price Index (WPI) was 0.85% (provisional) in April 2025, a decrease from 2.05% in March and 2.45% in February. This positive rate is attributed to price increases in manufactured food products, chemicals, and other transport equipment.
- The WPI decreased -0.19% MoM in April 2025, following a trend of negative MoM changes over the last six months, including -0.45% in December 2024 and -0.26% in March 2025.
- The index for Primary Articles decreased by 0.11% MoM to 184.4 in April 2025, driven by declines in crude petroleum & natural gas (-5.31%) and non-food articles (-1.78%), offset by increases in minerals (7.81%) and food articles (0.36%).
- The index for Fuel & Power saw a more significant decrease of 2.82% MoM to 148.1 in April 2025, primarily due to drops in mineral oils (-3.95%) and electricity (-1.38%).
- The Manufactured Products index increased by 0.35% MoM to 144.9 in April 2025, with 16 of 22 NIC two-digit groups experiencing price increases.
- The WPI Food Index increased slightly from 188.8 to 189.3, with the annual inflation rate decreasing from 4.66% in March 2025 to 2.55% in April 2025.
India’s Wholesale Price index fell -0.19% MoM but was up 2.05% YoY in March, above expectations of a 2.5% YoY increase and down from 2.38% YoY in February.
- Raw goods prices fell -1.07% MoM and were only up 0.76% YoY led by declines in the wholesale prices of of crude petroleum & natural gas (-2.42% MoM) and non-food articles (-2.40% MoM).
- Manufactured product prices were up 0.42% MoM and 3.07% YoY with 16 of the manufactured goods subindexes rising in March.
- The Food Index fell -0.11% MoM, the 5th straight monthly decline, and was up 4.66% YoY, a sharp slowdown from a peak of 12.15% YoY in October 2024.
India’s Wholesale Price Index fell -0.45% MoM and was up 2.31% YoY in January, slightly slower than 2.37% YoY in December.
- Wholesale food prices were down -2.30% MoM, and primary articles prices were down -2.01% MoM.
- Fuel & power (+0.47% MoM) and manufactured products (+0.14% MoM) saw slightly positive wholesale price growth.
India’s Wholesale Price Index fell -0.38% MoM but was up 2.37% YoY in December, up from 1.89% YoY in November. Wholesale food inflation remained elevated at 8.89% YoY despite a monthly decline of -2.20% MoM. Primary goods prices were down -2.07% MoM which was partially offset by a 1.90% MoM increase in fuel & power. Manufactured goods wholesale prices were unchanged and only saw a slight acceleration to 2.14% YoY.