India’s wholesale prices fell 0.32% year-on-year in November 2025, compared with expectations of a 0.6% decline and following a 1.21% drop in October. This marked the second consecutive monthly decline in wholesale prices, though at a softer pace, after the previous month recorded the steepest fall since July 2023. The softer decline was mainly driven by a moderated fall in food prices (-2.60% vs. -5.04% in October), amid lower prices for onions (-64.70%), potatoes (-36.14%), vegetables (-20.33%), and pulses (-15.21%). Fuel prices also posted a softer decline (-2.27% vs. -2.55% in October), weighed down by lower prices for LPG (-12.78%), petrol (-1.75%), and HSD (-1.64%). Additionally, manufacturing inflation eased to 1.33% from 1.54% in October, marking the softest pace since September 2024. Notable slowdowns were recorded in food products (0.62% vs 1.76%), pharmaceuticals, medicinal chemical and botanical products (1.39% vs 1.88%), and cement, lime & plaster (0.08% vs 2.48%).

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