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  1. India’s wholesale inflation eases to 0.13% in September as food, fuel prices soften

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India’s wholesale inflation eases to 0.13% in September as food, fuel prices soften

Upstox

2 min read | Updated on October 14, 2025, 15:27 IST

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SUMMARY

Wholesale price-based inflation in India eased to 0.13% in September 2025, down from 0.52% in August, mainly on account of a decline in prices of primary articles and food items.

WPI-August.webp

The Wholesale Price Index (WPI) stood at 154.9 for September compared with 155.2 in August.

India’s wholesale price inflation eased to 0.13% in September from 0.52% in August, as softer prices of food articles and fuel offset gains in manufactured goods, government data showed on Tuesday.

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The moderation in the Wholesale Price Index (WPI)-based inflation was largely driven by a decline in food and primary articles, which together account for nearly a quarter of the index.

The WPI food index, which combines food articles and manufactured food products, declined to 192.0 in September from 193.5 in August, a year-on-year fall of 1.99%.

"Positive rate of inflation in September, 2025 is primarily due to increase in prices of manufacture of food products, other manufacturing, non-food articles, other transport equipment and textiles etc," the Ministry of Commerce and Industry said in a statement.

On a month-on-month basis, the WPI slipped 0.19% in September after a 0.52% rise in August, the data showed.

Among key groups, primary articles (which include food and non-food items) saw a sharp fall of 1.05% month-on-month, while fuel and power slipped 0.14%. Manufactured products, on the other hand, rose 0.21% due to higher prices of food products, electrical equipment, textiles, and non-metallic mineral products.

Within primary articles, the price of food items fell 1.38% and non-food articles dropped 1.06% over the previous month. However, prices of minerals and crude petroleum and natural gas rose 1.36% and 0.64%, respectively.

In the fuel basket, mineral oils and coal prices softened, while electricity prices increased by 1.2% during the month.

Barclays India Chief Economist Aastha Gudwani said that amid generally lower global commodity prices, WPI inflation is expected to stay subdued for longer.

India Ratings and Research, Associate Director, Paras Jasrai, said core inflation rose to a 31-month high of 1.9% in September 2025, driven by a record pace of jewellery price growth at 34.1% year-over-year.

"Wholesale inflation was flat at 0.02% in the second quarter of FY'26, reaching an eight-quarter low. This, along with record-low retail inflation, is expected to result in muted GDP deflator growth and will put pressure on corporate margins in 2QFY26.

The next WPI release, for October 2025, will be published on November 14, 2025.

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Upstox
Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

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