Wholesale price inflation (WPI) came in at (-) 0.32% in November, driven by an uptick in prices of food articles like pulses and vegetables on a month-on-month basis, government data showed on Monday (December 15, 2025).

WPI-based inflation was (-) 1.21% in October and 2.16% in November last year.

“Negative rate of inflation in November 2025 is primarily due to a decrease in prices of food articles, mineral oils, crude petroleum & natural gas, manufacture of basic metals and electricity, etc,” the Industry Ministry said in a statement.

According to WPI data, deflation in food articles was 4.16%in November, compared to 8.31% in October.

In vegetables, deflation was 20.23% in November, as against 34.97% in October.

In pulses, deflation was at 15.21% in November, while in potato and onion it was 36.14% and 64.70%, respectively.

In the case of manufactured products, inflation eased to 1.33% in November, against 1.54% in October.

Fuel and power witnessed a negative inflation or deflation of 2.27%, as against 2.55% in October.

Data released last week showed CPI inched up to 0.71% in November, from a record low of 0.25%, driven by rising food prices.

Low inflation in the current fiscal year has given the Reserve Bank of India (RBI) room to cut policy interest rates by 1.25 percentage points.

The Reserve Bank, earlier this month, significantly lowered the inflation projection for the current fiscal to 2% from 2.6% estimated earlier, as the economy continues to witness rapid disinflation.

The RBI mainly tracks retail inflation for deciding on benchmark interest rates.

Earlier this month, the RBI had cut key policy interest rates by 25 bps to 5.25%, saying that the Indian economy is in a “rare Goldilocks period” marked by high growth and low inflation.

The Reserve Bank last week raised the FY26 GDP growth projection to 7.3%, from its earlier estimate of 6.8 per cent. India recorded an 8.2% growth in the September quarter, and 7.8% in the June quarter.