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).