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.