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Informist, Thursday, Aug. 14, 2025
NEW DELHI - Wholesale prices in India declined on a year-on-year basis for the second consecutive month in July, with WPI inflation falling to a two-year low of (-)0.58%, data released by the commerce ministry Thursday showed. WPI inflation was (-)0.13% in June and 2.10% a year ago.
At (-)0.58%, WPI inflation was broadly in line with expectations. According to an Informist poll, WPI inflation was seen at (-)0.5% in July. The May WPI inflation print was revised lower to 0.13% from the provisional estimate of 0.39%.
WPI inflation fell last month because of a sharp fall in food prices. WPI food inflation fell to a 10-year low of (-)2.15% in July from (-)0.26% in June. The last time WPI food inflation was lower than (-)2.15% was in August 2015 when it was (-)2.52%. A base effect also helped lower food inflation in July.
WPI vegetables inflation fell to a 31-month low of (-)28.96% in July, led by an over 40?ll each in prices of onions, tomatoes, and potatoes. Wholesale pulses inflation fell to (-)15.12% last month, the lowest since September 2018.
On a month-on-month basis, the all commodities index of the WPI rose 0.4% in July and the food index rose 0.6% from June. The sequential rise in the food index was driven by a 30% month-on-month jump in wholeasle tomato prices in July.
Apart from food items, deflation in fuel and power also pulled down the headline print in July. Wholesale fuel and power prices fell 2.43% on year in July compared with a 2.65?ll in June.
Wholesale prices of manufactured products, which have a 64% share in the WPI, rose 2.05% on year in July, quicker than 1.97% rise in June. Core WPI inflation--or inflation excluding food and fuel items--rose to a three-month high of 1.1% in July from 1.0% in June.
"Similar to the CPI, the WPI is also likely to have bottomed out in July 2025," Rahul Agrawal, senior economist at ICRA, said in a note. "Looking ahead, ICRA expects the headline WPI to re-enter the inflationary territory in August 2025 after a gap of two months, amid the hardening in YoY (year-on-year) prints for food and crude oil so far, depreciation in the USD/INR pair, as well as an unfavourable base," Agrawal said. CPI inflation fell to an eight-year low of 1.55% in July, data released by the statistics ministry Tuesday showed.
The following table details the sequential and annual increase in the main components of the WPI:
| Weight (%) | July (index) | Month-on-month change | Year-on-year change | ||
| July | June | ||||
| ALL COMMODITIES | 100 | 154.4 | 0.4% | (-)0.58% | (-)0.13% |
| PRIMARY ARTICLES | 22.62 | 188.0 | 1.2% | (-)4.95% | (-)3.38% |
| Food articles | 15.26 | 199.7 | 1.0% | (-)6.29% | (-)3.75% |
| Cereals | 2.82 | 205.9 | 0.7% | 1.43% | 1.44% |
| Pulses | 0.64 | 195.9 | (-)0.6% | (-)15.12% | (-)14.09% |
| Vegetables | 1.87 | 246.5 | 12.5% | (-)28.96% | (-)22.65% |
| Potato | 0.28 | 233.6 | 1.0% | (-)41.26% | (-)32.67% |
| Onion | 0.16 | 193.5 | 4.2% | (-)44.38% | (-)33.49% |
| Tomato | 0.28 | 361.2 | 30.2% | (-)42.71% | (-)29.52% |
| Fruits | 1.6 | 191.0 | (-)6.4% | (-)2.65% | 1.59% |
| Milk | 4.44 | 190.1 | 0.2% | 2.20% | 2.26% |
| Eggs, meat, and fish | 2.4 | 171.8 | (-)1.3% | (-)1.09% | (-)0.29% |
| Non-food articles | 4.12 | 164.3 | 2.1% | 3.40% | 2.29% |
| Oil seeds | 1.12 | 197.8 | 3.8% | 9.77% | 5.89% |
| Minerals | 0.83 | 229.0 | (-)1.1% | 1.06% | 0.83% |
| Iron ore | 0.21 | 140.1 | (-)1.1% | 4.09% | (-)1.80% |
| Crude petroleum | 1.95 | 116.3 | (-)0.4% | (-)14.86% | (-)12.31% |
| FUEL and POWER | 13.15 | 144.6 | 1.1% | (-)2.43% | (-)2.65% |
| Coal | 2.14 | 136.3 | (-)0.4% | 0.52% | 0.81% |
| Liquefied petroleum gas | 0.64 | 115.2 | (-)3.0% | 1.23% | 2.68% |
| Petrol | 1.6 | 146.1 | 1.7% | (-)5.74% | (-)6.57% |
| High speed diesel | 3.10 | 160.2 | 1.7% | (-)4.30% | (-)5.12% |
| Electricity | 3.06 | 137.3 | (-)0.4% | 3.31% | 4.39% |
| MANUFACTURED PRODUCTS | 64.23 | 144.6 | (-)0.1% | 2.05% | 1.97% |
| Food products | 9.12 | 177.3 | (-)0.1% | 6.74% | 6.99% |
| Edible oils | 2.64 | 182.2 | (-)0.2% | 22.04% | 23.05% |
| Textiles | 4.88 | 136.6 | 0.0% | (-)0.15% | 0.15% |
| Chemical, chemical products | 6.47 | 137.0 | (-)0.1% | 0.22% | 0.59% |
| Non-metallic mineral products | 3.2 | 133.5 | 0.2% | 2.69% | 1.91% |
| Cement and lime | 1.64 | 133.1 | 0.6% | 3.42% | 1.53% |
| Basic metals | 9.65 | 137.5 | (-)0.9% | (-)2.34% | (-)3.14% |
| Semi-finished steel | 1.27 | 116.2 | (-)0.9% | (-)2.11% | (-)3.70% |
End
Reported by Shubham Rana
Edited by Vandana Hingorani
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