India's Wholesale Inflation Hits Negative Zone for Fourth Consecutive Month

India's wholesale inflation rate showed a decline of 1.21% in October 2025, marking the fourth consecutive month in the negative zone. The decrease in the Wholesale Price Index was driven by falling costs in food articles, crude petroleum, electricity, and basic metals, as reported by the Ministry of Commerce and Industry.

India's wholesale inflation has remained negative for the fourth month in a row, as the Wholesale Price Index (WPI) saw a decline of 1.21% in October 2025 compared to the same period last year. The Ministry of Commerce and Industry attributes the fall primarily to reduced prices in food articles and other key commodities.

The WPI, a measure of average price changes at the wholesale level, indicates deflation as key commodity prices fell year-over-year. Specifically, primary articles, constituting 22.62% of the index, dropped by 0.42% to 188.2 from 189.0 in September. Notable price declines occurred in crude petroleum, natural gas, and non-food articles, but mineral prices increased.

Meanwhile, the Fuel and Power category, accounting for 13.15% of the WPI, rose by 1.12%, influenced by increased electricity and mineral oil prices. Manufactured products, the largest segment with a 64.23% share, saw a 0.07% decrease, with varying trends across 22 industry groups. The WPI Food Index remained unchanged, showing a sharper year-on-year decline in food inflation.