FX.co ★ India Wholesale Prices Fall the Most Since 2023

In October 2025, India's wholesale prices registered a year-on-year decline of 1.21%, surpassing market predictions of a 0.6% drop, and reversing a previous 0.13% increase in September. This marks the first decline in wholesale prices over three months and represents the most significant decrease since July 2023. The decline was largely attributed to a substantial drop in food prices—the sharpest fall recorded in at least ten years—alongside ongoing reductions in fuel prices and a slowdown in manufacturing inflation. Specifically, food prices plummeted by 5.04% in October, a steeper decline than the 1.99% observed in September. This reduction was primarily driven by the lower prices of onions (-65.43%), potatoes (-39.88%), vegetables (-34.97%), and pulses (-16.50%). Fuel prices continued their downward trend with a 2.55% decrease, slightly less than the 2.58% drop in September. Additionally, manufacturing inflation slowed to 1.54% from 2.33% in September, marking the lowest rate since October 2024. Significant slowdowns were noted in sectors such as food products (1.76% from 7.56%), leather and related products (1.27% from 1.84%), and cement, lime, and plaster (2.48% from 3.72%).