India Wholesale Price Index (WPI) Inflation

India Wholesale Price Index (WPI): Key Updates

Latest Release

May, 2025

Current

0.85%

Previous

2.05%

Source: Office Of The Economic Adviser, Govt of India

WPI Overall Analysis

  • The annual inflation rate, based on the All India Wholesale Price Index (WPI), is provisionally recorded at 0.85% for April 2025 compared to April 2024.

  • The positive rate of inflation in April 2025 is primarily due to increases in prices of manufacture of food products, other manufacturing, chemicals and chemical products, manufacture of other transport equipment, and manufacture of machinery and equipment.
  • Previously it was observed as 2.05% for March 2025.
  • The month-to-month variation in the Wholesale Price Index for April 2025 was recorded at a decrease of 0.19% in comparison to March 2025.

WPI Component Analysis

  1. Primary Articles
    • The index decreased by 0.11% month-over-month to 184.4 in April 2025 from 184.6 in March 2025.
    • Price changes within the group: Crude petroleum & natural gas: -5.31% Non-food articles: -1.78% Minerals: +7.81% Food articles: +0.36%
    • The annual inflation rate for primary articles dropped to -1.44% in April 2025 from 0.76% in March 2025.
  2. Fuel & Power
    • The index declined by 2.82% month-over-month to 148.1 in April 2025 from 152.4 in March 2025.
    • Price changes within the group: Mineral oils: -3.95% Electricity: -1.38% Coal: +0.22%
    • The annual inflation rate for fuel & power fell to -2.18% in April 2025 from 0.20% in March 2025.
  3. Manufactured Products
    • The index increased by 0.35% month-over-month to 144.9 in April 2025 from 144.4 in March 2025.
    • Out of 22 NIC two-digit groups: 16 groups saw price increases (notably: basic metals, chemicals and chemical products, fabricated metal products, machinery and equipment, and other manufacturing). 5 groups saw price decreases (notably: textiles, pharmaceuticals, paper and paper products, wearing apparel, and printing/reproduction of recorded media). 1 group saw no change.
    • The annual inflation rate for manufactured products eased to 2.62% in April 2025 from 3.07% in March 2025.
  4. WPI Food Index
    • The food index increased slightly month-over-month from 188.8 in March 2025 to 189.3 in April 2025.
    • The annual inflation rate based on the food index dropped to 2.55% in April 2025 from 4.66% in March 2025.
    • Key food articles showed mixed trends: Cereals: -1.94% MoM, +3.81% YoY Pulses: -0.73% MoM, -5.57% YoY Vegetables: +4.68% MoM, -18.26% YoY Fruits: -0.55% MoM, +8.38% YoY Milk: -0.21% MoM, +0.59% YoY Eggs, Meat & Fish: +1.18% MoM, -0.29% YoY

Above mentioned data shows “All Commodities” points provisional. This data is for April 2025 month which was published in May 2025.

WPI overview

The Wholesale Price Index (WPI) measures the average change in the prices of commodities at the wholesale level, providing insights into inflationary trends in the economy. Unlike the Consumer Price Index (CPI), which keeps an eye on the prices shoppers pay at stores, the Wholesale Price Index (WPI) looks at the costs of goods exchanged between businesses instead.

India Wholesale Price Index (WPI) major components

In India, the Wholesale Price Index (WPI) has three major components: Primary Articles, Fuel & Power, and Manufactured Products.

  • Primary Articles
  • Fuel & Power
  • Manufactured Products

Additional Index: Food Index (Derived, Not a Separate Component)
The Food Index is a combination of: Food Articles (from Primary Articles) + Manufacture of Food Products (from Manufactured Products).

So, while the Food Index is reported separately, it is derived from existing WPI components and is not an independent category.

WPI Year-on-Year (Y-o-Y) Inflation and Index by Month

MonthAll Commodities (Index/Infl.%)Primary ArticlesFuel & PowerManufactured ProductsFood Index
Apr-25(P)154.2 / 0.85%184.4 / -1.44%148.1 / -2.18%144.9 / 2.62%189.3 / 2.55%
Mar-25 (P)154.5 / 2.05%184.6 / 0.76%152.4 / 0.20%144.4 / 3.07%188.8 / 4.66%
Feb-25 (F)154.9 / 2.45%186.8 / 2.92%153.4 / -0.97%144 / 3.0%189.4 / 6.17%
Jan-25 (F)155.0 / 2.51%189.7 / 4.58%152.0 / -1.87%143.4 / 2.65%191.5 / 7.52%
This table displays the latest WPI Index and Inflation data. It gets updated when new data is published.
Please note that annual rate of WPI inflation calculated over the corresponding month of previous year.

FAQs

What is the Wholesale Price Index (WPI)?

The Wholesale Price Index (WPI) measures the average change in the prices of goods at the wholesale level. It reflects inflation in goods before they reach consumers.

WPI data is typically updated monthly by the Office of the Economic Adviser, Ministry of Commerce and Industry, Government of India.

India’s WPI includes inflation data for All Commodities, Primary Articles, Fuel & Power, Manufactured Products, and the Food Index.

WPI tracks prices at the wholesale level, while CPI measures the prices consumers pay for goods and services. CPI better reflects retail-level inflation.

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