Index Numbers of Wholesale Price in India: November 2025 (Base Year: 2011-12)
Posted On: 15 DEC 2025 12:00PM by PIB Delhi | Data Analysis for UPSC Aspirants
Headline WPI Inflation: -0.32% (Provisional)
The annual rate of inflation based on All India Wholesale Price Index (WPI) is -0.32% (provisional) for November 2025 (over November 2024). This marks a continuation of deflationary/very low inflationary trends in wholesale prices.
Primary Reason for Negative Inflation: Decrease in prices of food articles, mineral oils, crude petroleum & natural gas, manufacture of basic metals, and electricity.
📚 UPSC Relevance: Why This Data Matters
WPI is a crucial economic indicator for Indian Economy (GS Paper III) and current affairs. Understanding WPI trends helps in answering questions on:
Key Concepts: WPI vs CPI, Deflation, Core Inflation, Base Effect, Provisional vs Final Data, Weightage in Index.
1. Summary of Key WPI Data (Nov 2025)
| All Commodities/Major Groups | Weight (%) | Nov-25(P) Index | Nov-25(P) Inflation (Y-o-Y) | Trend (M-o-M) |
|---|---|---|---|---|
| All Commodities | 100.00 | 155.9 | -0.32% | +0.71% |
| I. Primary Articles | 22.62 | 192.1 | -2.93% | +2.07% |
| II. Fuel & Power | 13.15 | 146.5 | -2.27% | +1.03% |
| III. Manufactured Products | 64.23 | 145.0 | +1.33% | -0.07% |
| Food Index | 24.38 | 195.0 | -2.60% | +1.56% |
Note: P = Provisional, Y-o-Y = Year-over-Year, M-o-M = Month-over-Month
Definition: Wholesale Price Index (WPI) measures the average change in the prices of goods at the wholesale level (before retail). It is released by the Department for Promotion of Industry and Internal Trade (DPIIT). Base Year: 2011-12=100.
2. Month-over-Month (M-o-M) Change in WPI (Nov over Oct 2025)
The overall WPI increased by 0.71% in November 2025 compared to October 2025.
| Major Group | Weight (%) | M-o-M Change (Nov over Oct) | Key Drivers (Price Changes) |
|---|---|---|---|
| Primary Articles | 22.62 | +2.07% | ↑ Minerals (4.50%), Food Articles (2.50%), Non-Food Articles (1.28%) ↓ Crude Petroleum & Natural Gas (-1.62%) |
| Fuel & Power | 13.15 | +1.03% | ↑ Electricity (6.70%) ↓ Mineral Oils (-0.67%) → Coal (No Change) |
| Manufactured Products | 64.23 | -0.07% | 14 groups ↓ prices, 7 groups ↑ prices, 1 group no change. ↓ Fabricated metal products, Food products, Chemicals. ↑ Other manufacturing, Machinery, Textiles. |
🔍 Key Takeaway for UPSC:
Despite negative year-on-year (Y-o-Y) inflation, the month-over-month (M-o-M) change turned positive (0.71%), indicating potential upward pressure on prices in the coming months if this trend continues. This distinction between Y-o-Y and M-o-M is often tested.
3. Detailed Analysis of Major Groups & Key Items
3.1 Primary Articles (Weight: 22.62%)
Inflation (Y-o-Y): -2.93% | Index: 192.1
- Food Articles (15.26%): Inflation at -4.16%. Key items:
- Vegetables: High M-o-M increase (+13.72%) but deep Y-o-Y deflation (-20.23%).
- Potato & Onion: Still in deep Y-o-Y deflation (-36.14% and -64.70% respectively).
- Milk: Steady inflation at +3.35% (Y-o-Y).
- Cereals: Mild deflation at -1.66%.
- Pulses: Significant deflation at -15.21%.
- Non-Food Articles & Minerals: Showed positive inflation (+2.27% and +10.42% respectively).
- Crude Petroleum & Natural Gas: Deflation at -8.66%.
3.2 Fuel & Power (Weight: 13.15%)
Inflation (Y-o-Y): -2.27% | Index: 146.5
Deflationary trend continues but moderating. Electricity prices surged M-o-M (+6.70%). Petrol and HSD show mild deflation Y-o-Y.
3.3 Manufactured Products (Weight: 64.23%)
Inflation (Y-o-Y): +1.33% | Index: 145.0
This is the only major group with positive inflation, though it is moderate and slowed from previous months (was 2.33% in Sep). Key sectors:
- Basic Metals: Deflation at -1.23%.
- Food Products: Low inflation at 0.62% (cooled from 4.62% in Sep).
- Textiles & Apparel: Steady low inflation (~2%).
- Chemicals: Near-flat inflation at 0.07%.
4. WPI Inflation Trend for Last 6 Months (Annex-II Summary)
| Month | All Commodities | Primary Articles | Fuel & Power | Manufactured Products |
|---|---|---|---|---|
| Jun-25 | -0.19% | -3.22% | -3.13% | +1.90% |
| Jul-25 | -0.58% | -4.70% | -3.04% | +2.05% |
| Aug-25 | +0.52% | -2.10% | -3.24% | +2.62% |
| Sep-25 (F) | +0.19% | -3.12% | -2.58% | +2.33% |
| Oct-25 (P) | -1.21% | -6.18% | -2.55% | +1.54% |
| Nov-25 (P) | -0.32% | -2.93% | -2.27% | +1.33% |
F = Final, P = Provisional. Source: PIB Release Annex-II
📈 Trend Analysis for UPSC:
1. Overall Deflation/Disinflation: WPI has hovered near zero or negative for 6 months, indicating weak wholesale demand or high base effects.
2. Primary Articles Volatility: Sharp deflation in Oct (-6.18%) moderated in Nov (-2.93%), largely driven by food articles.
3. Manufactured Products Resilience: Consistently positive but slowing inflation, indicating contained input costs but weak pricing power.
5. Important Notes & UPSC Focus Points
Provisional vs Final Data: November 2025 data is Provisional (P). September 2025 data is now Final (F). WPI figures are revised after 10 weeks.
- Base Year: 2011-12. UPSC may ask about the significance of base year revision.
- WPI vs CPI: WPI tracks wholesale prices, CPI tracks retail prices. WPI doesn’t include services; CPI does. Current CPI inflation is often higher than WPI.
- Food Index: Combined from Primary Articles and Manufactured Products. Shows deflation of -2.60% (Y-o-Y).
- Core WPI: Often calculated by excluding Food and Fuel. In this case, Manufactured Products (1.33%) gives a proxy.
- Response Rate: 82.0% for Nov 2025 (provisional), 93.9% for Sep 2025 (final).
- Next Release: WPI for December 2025 will be released on 14th January 2026.
💡 Conclusion & Macro Implications
The persistent negative/low WPI inflation suggests subdued pricing pressure in the wholesale sector. This provides room for the RBI to maintain an accommodative or neutral monetary policy stance if growth concerns persist. However, the positive M-o-M change and elevated food prices (M-o-M) warrant monitoring for second-round effects. For the economy, it indicates weak demand-side pressures but potential for improving corporate margins (lower input costs).
Source: Press Information Bureau (PIB) Release, dated 15 DEC 2025. Compiled for educational purposes for UPSC aspirants.