July WPI Data: India's Wholesale Inflation Falls To Lowest In Two Years
Wholesale inflation in primary articles—especially food—led the decline, along with a fall in fuel and power, while manufacturing inflation saw an uptick.
India's wholesale price inflation during last month eased to the lowest since July 2023, data released by the Ministry of Commerce and Industry showed on Thursday.
Wholesale inflation in primary articles—especially food—led the decline, along with a fall in fuel and power, while manufacturing inflation saw an uptick.
Similar to the CPI, the WPI is also likely to have bottomed out in July 2025, said Rahul Agrawal, senior economist at ICRA. 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 annual prints for food and crude oil so far, depreciation in the USD/INR pair, as well as an unfavourable base. Besides, heavy rains could push up perishable prices sharply in the second half of August and remain a key monitorable.
WPI Key Highlights
Inflation in manufactured products—the largest component of the index—rose by 2.05% compared to 1.97%.
Primary articles inflation fell by 4.95% versus a fall of 3.38%.
Inflation in food articles—a sub-component of primary articles—fell 6.29% vs -3.75%.
Fuel and power inflation: -2.43% vs -2.65%.
Vegetables: -28.96% vs -22.65%.
