India’s Wholesale Price Index (WPI) rose +0.71% MoM in November 2025 but remained down -0.32% YoY (vs -0.6% YoY expected), reflecting monthly price firming amid continued annual deflation.

• All-commodities WPI stood at 155.9 in November, with YoY inflation improving from -1.21% in October to -0.32%, though still negative due to lower prices for food, energy, metals, and electricity.

• Primary Articles prices increased +2.07% MoM, lifting the index to 192.1, while YoY inflation remained negative at -2.93%, led by higher prices for minerals (+4.50%), food articles (+2.50%), and non-food articles (+1.28%).

• Fuel & Power rose +1.03% MoM to an index of 146.5 but stayed in deflation at -2.27% YoY, as higher electricity prices (+6.70% MoM) offset declines in mineral oils (-0.67% MoM).

• Manufactured Products edged down -0.07% MoM to 145.0, with YoY inflation easing to +1.33% from +1.54%, as 14 of 22 manufacturing groups recorded price declines.

• The WPI Food Index increased +1.56% MoM to 195.0, while YoY food inflation narrowed to -2.60% from -5.04% in October, signaling reduced deflation in wholesale food prices.

• MoM WPI gains in November followed two consecutive monthly declines (-0.13% MoM in September and October), marking a short-term rebound in wholesale prices.

• September 2025 final data confirmed all-commodities WPI inflation at +0.19% YoY, providing context for the subsequent swing back into deflation in October and November.