New Delhi: Whole saleprice inflation stayed in the negative for the second consecutive month in November at (-) 0.32 per cent, even though there was an uptick in prices of food articles like pulses and vegetables on a month-on-month basis, government data showed on Monday. Wholesale Price Index (WPI)-based inflation was at (-) 1.21 per cent in October and 2.16 per cent in November last year.

However, on an annual basis, the negative rate of inflation during November was primarily due to decrease in prices of food articles, mineral oils, crude petroleum & natural gas, manufacture of basic metals and electricity, the industry ministry said in a statement.

Food articles continued to witness deflation for the past eight months, beginning in April. It narrowed sharply in November at 4.16 per cent, from 8.31 per cent in October. In vegetables, deflation was 20.23 per cent in November, as against 34.97 per cent in October.

In pulses, deflation was at 15.21 per cent in November, while in potato and onion it was 36.14 per cent and 64.70 per cent, respectively. In the case of manufactured products, inflation eased to 1.33 per cent in November, as against 1.54 per cent in October. Fuel and power witnessed a negative inflation or deflation of 2.27 per cent, as against 2.55 per cent in October. ICRA Chief Economist Aditi Nayar said the WPI deflation narrowed faster than expected to 0.3 per cent in November 2025, from 1.2 per cent in October 2025, reflecting the base effect, weakening INR and rising prices of some commodities.

"With the further depreciation in the INR, hardening commodity prices, and unseasonal rise in vegetable prices, and despite softening crude oil, we expect the WPI to move into a year-on-year inflation of around 0.5 per cent in December 2025," Nayar said. Data released last week showed CPI inched up to 0.71 per cent in November, from a record low of 0.25 per cent, driven by rising food prices.