India’s Wholesale Inflation Turns Negative in July 2025

DPIIT reported India’s Wholesale Price Index (WPI) fell -0.58% YoY in July 2025, slipping into negative territory after a small decline in June (-0.13%). The drop was driven by steep falls in vegetable prices (-28.9%), including onions (-44.4%) and potatoes (-41.3%), along with declines in mineral oils, crude, and basic metals. However, on a month-on-month basis, WPI rose 0.39%, indicating the dip may be temporary. Primary Articles grew 1.18% MoM, while Fuel & Power increased 1.12%, and Manufactured Products fell 0.14%. Analysts suggest businesses may find a short-term window to secure cheaper inputs before prices rebound.

Source: Press Information Bureau (Department for Promotion of Industry and Internal Trade)