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.