Wholesale Inflation Remains Negative at -0.32% in November

India’s wholesale inflation remained in deflation for another month. The Wholesale Price Index (WPI) came in at -0.32% in November, according to data released by the government on 15th December.

The government said the negative reading was mainly due to lower prices of food articles, mineral oils, crude petroleum, natural gas, basic metals, and electricity. While price pressures eased across several categories, the overall pace of deflation narrowed compared to the previous month.

In October, WPI-based inflation stood at -1.21%. This indicates that wholesale prices are gradually stabilising. WPI tracks price changes at the wholesale or factory gate level. It differs from the Consumer Price Index (CPI), which reflects retail inflation faced by consumers.

In November, prices of minerals rose 4.5%, food articles increased 2.5%, non-food articles climbed 1.28%, and electricity prices rose 6.7% compared to October. In contrast, crude petroleum and natural gas prices fell 1.62%. Meanwhile, coal prices remained unchanged.

Among manufactured products, 14 of 22 industry groups saw a month-on-month price decline. Meanwhile, 7 groups recorded an increase, and 1 remained unchanged. Sectors such as fabricated metal products, food products, chemicals, non-metallic mineral products, and electronics reported mixed price movements during the month.

The WPI is released by the Ministry of Commerce and Industry and is based on the 2011–12 base year. Commodities are grouped into primary articles, fuel and power, and manufactured products.

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