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Informist, Monday, Jul. 14, 2025
NEW DELHI – Wholesale prices in India fell on a year-on-year basis in June, with WPI inflation in a negative zone for the first time since October 2023. Data released by the commerce ministry Monday showed WPI inflation fell to (-)0.13% in June from 0.39% in May. WPI inflation was 3.43% in June 2024.
WPI turning deflationary in June was unexpected. According to an Informist poll, WPI inflation was seen rising to 0.7% in June.
WPI inflation turned negative last month because of a fall in the prices of food articles, crude petroleumm petrol, and basic metals. WPI food inflation fell to (-)0.26% in June from 1.72% in May, driven by a sharp year-on-year fall in wholesale vegetable and pulses prices.
WPI vegetables inflation fell to a 29-month low of (-)22.65% in June, led by a nearly 30?ll each in prices of onions, tomatoes, and potatoes. Wholesale pulses inflation fell to (-)14.09% last month, the lowest since September 2018.
On a month-on-month basis, the all commodities index of the WPI fell 0.2% in June and the food index rose 0.4% from May. The sequential rise in the food index was driven by a 57% month-on-month jump in wholeasle tomato prices in June.
Apart from food items, deflation in fuel and power also increased in June. Wholesale fuel and power prices fell 2.65% on year in June, compared to a 2.27?ll in May. Wholesale prices of manufactured products, which have a 64% share in the WPI, rose 1.97% on year in June, slower than 2.04% rise in May. Core WPI inflation--or inflation excluding food and fuel items--rose to 1.0% in June from a five-month low of 0.9% in May.
"The seasonal sequential uptick in food prices has been relatively modest in July 2025 so far, which is expected to keep food print in the deflationary zone, unless there is an unusual surge in such prices in the remaining part of the month, especially for vegetables," Rahul Agrawal, senior economist at ICRA, said in a note. "Besides, international crude oil prices have also eased somewhat in the ongoing month from the peak seen in June 2025, amid cooling tensions in West Asia, while remaining in the deflationary territory on a YoY basis."
ICRA expects WPI inflation to remain in the negative territory in July.
The following table details the sequential and annual increase in the main components of the WPI:
| Weight (%) | June (index) | Month-on-month change | Year-on-year change | ||
| June | May | ||||
| ALL COMMODITIES | 100 | 153.8 | (-)0.2% | (-)0.13% | 0.39% |
| PRIMARY ARTICLES | 22.62 | 185.8 | 0.8% | (-)3.38% | (-)2.02% |
| Food articles | 15.26 | 197.8 | 0.8% | (-)3.75% | (-)1.56 |
| Cereals | 2.82 | 204.4 | (-)0.1% | 1.44% | 2.56% |
| Pulses | 0.64 | 197.0 | (-)1.8% | (-)14.09% | (-)10.41% |
| Vegetables | 1.87 | 219.2 | 18.3% | (-)22.65% | (-)21.62% |
| Potato | 0.28 | 231.4 | 5.2% | (-)32.67% | (-)29.42% |
| Onion | 0.16 | 185.7 | 5.6% | (-)33.49% | (-)14.41% |
| Tomato | 0.28 | 277.4 | 57.0% | (-)29.52% | (-)32.76% |
| Fruits | 1.6 | 204.1 | (-)8.5% | 1.59% | 10.17% |
| Milk | 4.44 | 189.7 | 0.4% | 2.26% | 2.66% |
| Eggs, meat, and fish | 2.4 | 174.0 | (-)1.5% | (-)0.29% | (-)1.01% |
| Non-food articles | 4.12 | 160.9 | 1.3% | 2.29% | 1.53% |
| Oil seeds | 1.12 | 190.6 | 3.5% | 5.89% | 2.79% |
| Minerals | 0.83 | 231.5 | 1.5% | 0.83% | 0.44% |
| Iron ore | 0.21 | 141.6 | 5.7% | (-)1.80% | (-)2.19% |
| Crude petroleum | 1.95 | 116.8 | 2.5% | (-)12.31% | (-)13.97% |
| FUEL and POWER | 13.15 | 143.0 | (-)2.5% | (-)2.65% | (-)2.27% |
| Coal | 2.14 | 136.9 | (-)0.1% | 0.81% | 0.88% |
| Liquefied petroleum gas | 0.64 | 118.8 | (-)1.2% | 2.68% | 0.25% |
| Petrol | 1.6 | 143.7 | (-)0.5% | (-)6.57% | (-)8.49% |
| High speed diesel | 3.10 | 157.5 | (-)0.5% | (-)5.12% | (-)5.61% |
| Electricity | 3.06 | 137.8 | (-)9.1% | 4.39% | 11.72% |
| MANUFACTURED PRODUCTS | 64.23 | 144.8 | (-)0.1% | 1.97% | 2.04% |
| Food products | 9.12 | 177.5 | (-)0.5% | 6.99% | 8.45% |
| Edible oils | 2.64 | 182.6 | (-)2.2% | 23.05% | 26.49% |
| Textiles | 4.88 | 136.6 | 0.0% | 0.15% | 0.66% |
| Chemical, chemical products | 6.47 | 137.2 | 0.0% | 0.59% | 1.03% |
| Non-metallic mineral products | 3.2 | 133.2 | 0.0% | 1.91% | 0.68% |
| Cement and lime | 1.64 | 132.3 | 0.2% | 1.53 | (-)0.53% |
| Basic metals | 9.65 | 138.8 | (-)1.0% | (-)3.14% | (-)3.11% |
| Semi-finished steel | 1.27 | 117.2 | (-)1.3% | (-)3.70% | (-)2.70% |
End
Reported by Shubham Rana
Edited by Tanima Banerjee
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