India’s wholesale inflation eased to a 14-month low of 0.39 percent in May down from 0.85 percent in April, according to data released by the government on June 16. This marks the third consecutive month of easing in the Wholesale Price Index (WPI).

“Aided by a favourable base, the WPI inflation expectedly flattened further to a 14-month low of 0.4 percent in May 2025 from 0.9 percent in April 2025… The cooling was broad-based, with the food, non-food manufacturing, minerals, and fuel and power segments contributing to the dip in the headline print between these months. Notably, the WPI food inflation print slumped to 1.7 percent in May 2025, the lowest in 19 months, amid the subdued sequential uptick in prices,” Rahul Agrawal, senior economist, Icra Ltd.

Primary article inflation declined 2 percent in nearly two years, while manufactured goods inflation was at a seven month low in May.

Throughout FY24, WPI inflation remained mostly subdued. While there was a mild uptick in the early part of FY25, wholesale price inflation in India has stayed well below the 3 percent mark for much of the year.