India’s Wholesale Price Index (WPI) fell -0.06% MoM in October 2025 and declined -1.21% YoY, reflecting broad price softness driven by lower food, energy, and basic metals prices.

• Primary Articles dropped -0.42% MoM to 188.2 and fell -6.18% YoY, as crude petroleum and natural gas prices declined -3.13% MoM and non-food articles fell -1.73% MoM, while minerals rose +1.72% MoM.

• Fuel & Power rose +1.12% MoM to 145.0 but remained -2.55% YoY, with higher prices for electricity (+2.89% MoM) and mineral oils (+0.67% MoM) offsetting stable coal prices.

• Manufactured Products edged down -0.07% MoM to 145.1 and posted +1.54% YoY inflation, with 7 of 22 industry groups seeing price declines including basic metals, chemicals, and motor vehicles, while textiles, food products, electronics, and electrical equipment saw increases.

• The WPI Food Index was unchanged MoM at 192.0 but inflation fell to -5.04% YoY from -1.99% in September, reflecting a sharper annual drop in wholesale food prices.

• All-commodities WPI inflation fell sharply from +0.13% YoY in September to -1.21% YoY in October, driven by declines across food articles, crude petroleum and natural gas, electricity, mineral oils, and basic metals.

• MoM WPI trends show broad stabilization over recent months, with October’s -0.06% MoM change representing a smaller decline than September’s -0.19% MoM.