WPI inflation remains negative at minus 0.32 per cent in November despite rise in food prices

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Wholesale price inflation stayed in the negative for the second consecutive month in November at (-) 0.32 per cent, even though there was an uptick in prices of food articles like pulses and vegetables on a month-on-month basis, government data showed on Monday. Wholesale Price Index (WPI)-based inflation was at (-) 1.21 per cent in October and 2.16 per cent in November last year.

However, on an annual basis, the negative rate of inflation during November was primarily due to a decrease in prices of food articles, mineral oils, crude petroleum & natural gas, the manufacture of basic metals and electricity, the industry ministry said in a statement. Food articles continued to witness deflation for the past eight months, beginning in April. It narrowed sharply in November at 4.16 per cent, from 8.31 per cent in October.

ICRA Chief Economist Aditi Nayar said the WPI deflation narrowed faster than expected to 0.3 per cent in November 2025, from 1.2 per cent in October 2025, reflecting the base effect, weakening INR and rising prices of some commodities.

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