Wholesale Price Index (WPI) data for September 2025 (Provisional), showing that the annual inflation rate stood at 0.13 percent compared to September 2024. On a month-on-month basis, the WPI declined by 0.19 percent, reflecting continued moderation in wholesale price pressures, said Mr. Rajeev Juneja, President, PHDCCI in a press statement issued here today.
The low overall inflation in September was primarily driven by declines in food and primary article prices, even as manufactured product prices showed a mild increase. In the Primary Articles category, prices fell largely due to lower prices of cereals, pulses, vegetables, and non-food articles such as fibres and oilseeds, which is also reflected in CPI for September 2025, he said.
He added the moderation in wholesale prices was mainly due to lower food and energy costs, a strong agricultural output, and stable commodity prices globally. Improved supply-side conditions following a good monsoon, alongside government interventions to check retail prices of essential commodities, also contributed to the decline.
However, the manufactured goods sector continued to witness moderate price rises due to elevated input costs, particularly for raw materials like metals and chemicals, and steady domestic demand in industrial sectors such as cement, steel, and consumer durables, he said.
International crude oil prices showed mild volatility during the month, but remained range-bound, preventing a significant pass-through to domestic fuel inflation. Meanwhile, favourable currency movements and easing global commodity prices (particularly in edible oils and industrial inputs) further reduced cost pressures on producers, he said.
Looking ahead, wholesale inflation is expected to remain benign in the coming months, supported by adequate food supply, stable global commodity prices, and government measures to control inflation in key sectors. The harvest of kharif crops and the expected arrival of rabi produce in the next quarter are likely to keep food inflation contained, says Dr. Ranjeet Mehta, CEO & Secretary General, PHDCCI.