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New Delhi: Wholesale inflation stayed in the negative zone for the second consecutive month in November, due to a decline in prices of food, metal and energy products, official data showed on Monday.
The annual Wholesale Price Index (WPI) inflation stood at (-) 0.32% in November. In October, it was at a 27-month low of (-) 1.21%.
Negative rate of inflation in November is primarily due to decrease in prices of food articles, mineral oils, crude petroleum & natural gas, manufacture of basic metals and electricity etc, the Ministry of Commerce & Industry said.
Deflationary zone
Price of food items in November was 2.60% lower when compared with the same month last year. In October, this was 5.04% lower on a year-on-year basis. Food items have witnessed deflation in the wholesale market for the past eight consecutive months. It has been in a deflationary zone since April.
Manufactured products inflation declined to 1.33% in November, from 1.54% recorded in the previous month. Primary articles and fuel & power remained in the
deflationary zone.
“The WPI deflation narrowed faster than expected to 0.3% in November 2025, from 1.2% in October 2025, reflecting the base effect, weakening INR and rising prices of some commodities,” said Aditi Nayar, Chief Economist, ICRA.
“With the further depreciation in the INR, hardening commodity prices, and unseasonal rise in vegetable prices, and despite softening crude oil, we expect the WPI to move into a YoY inflation of around 0.5% in December 2025, and subsequently average above 1.5% in Q4 FY2026,” she further said.