India’s annual wholesale inflation, based on the All-India

Wholesale Price Index

(WPI), stood at 0.39% (provisional) in May 2025, compared to May 2024. The positive inflation rate for the month was largely attributed to rising prices in sectors such as food manufacturing, electricity, chemicals, transport equipment, and non-food articles.

Compared to the previous month, the WPI recorded a slight decline of 0.06% in May 2025, indicating a modest easing in wholesale prices following April. The change reflects minor adjustments in prices across various commodity groups, suggesting a relatively stable pricing environment.

Trends in Primary Articles
The index for primary articles, which holds a weightage of 22.62%, slipped marginally from 184.4 in April to 184.3 in May 2025. Within this category, mineral prices saw a notable fall of 7.16%, while non-food articles also declined by 0.63%. In contrast, food articles became costlier by 0.56%, contributing to the overall price trends within this group.

Fuel and Power Prices Decline

The fuel and power group, accounting for 13.15% of the index, experienced a decline of 0.95%, with the index falling to 146.7 in May from 148.1 in April. Mineral oils registered a drop of 2.06% in prices, even as coal and electricity prices increased by 0.81% and 0.80%, respectively.

Mixed Trends in Manufactured Products
Manufactured products, which form the largest component of the WPI with a weight of 64.23%, remained steady at an index level of 144.9 in May 2025. Among the 22 sub-groups under this category, price movement was mixed.

Ten sub-groups, including other manufacturing, non-metallic minerals, electronics, pharmaceuticals, and textiles, witnessed price increases. On the other hand, nine groups, such as food products, basic metals, rubber and plastic goods, chemicals, and electrical equipment, saw a decline. The remaining three sub-groups recorded no change in prices.

Food Index Shows Slower Inflation
The WPI Food Index, comprising food articles and manufactured food products, inched up from 189.3 in April to 189.5 in May 2025. Despite this increase, the annual rate of food inflation slowed, dropping from 2.55% in April to 1.72% in May. This suggests a softening in the pace of food price rise, despite marginal month-over-month gains.

Final WPI Figures for March 2025
For March 2025, the final WPI for all commodities, based on the 2011–12 base year, stood at 154.8. The corresponding inflation rate for the month was confirmed at 2.25%, reaffirming earlier provisional estimates.

Movement of WPI