India WPI inflation — latest rate, annual trend & WPI vs CPI
Quick answerIndia’s
Wholesale Price Index (WPI, base 2011-12=100) inflation averaged about
2.3% in
2024-25, recovering from a spell of mild wholesale
deflation (about -0.7%) in 2023-24. WPI tracks producer/wholesale prices — it is
not the index the RBI targets (that is
CPI), but it is a leading signal of input-cost pressure. For the exact latest monthly figure, check the source below.
The chart above is a visual summary; the table below carries the same figures so they are readable without JavaScript — for accessibility and AI answer engines.
WPI annual-average inflation — 2019-20 to 2024-25
| Financial year | WPI inflation |
| 2019-20 | +1.7% |
| 2020-21 | +1.3% |
| 2021-22 | +13.0% |
| 2022-23 | +9.4% |
| 2023-24 | -0.7% |
| 2024-25 | +2.3% |
Annual averages of All-India WPI (base 2011-12=100) year-on-year inflation, from the Office of the Economic Adviser (DPIIT) / RBI Handbook of Statistics on the Indian Economy 2024-25. Monthly prints vary around these averages; see the source for the latest figure.
WPI vs CPI — what each one measures
| WPI | Wholesale / producer prices of goods only (primary articles, fuel & power, manufactured products); base 2011-12=100. No services. Compiled by the Office of the Economic Adviser, DPIIT. |
| CPI | Retail prices paid by households, including services and a large food weight; base 2012=100. Compiled by MOSPI. This is the index the RBI’s 4% inflation target is set on. |
| Why they diverge | WPI is sensitive to global commodity and fuel prices and can go negative; CPI is stickier because of services and food. WPI moves often feed into CPI with a lag. |
What it means for bankers
WPI is an early-warning gauge of cost-push pressure in the economy. A sharp rise in wholesale prices — often driven by crude oil and metals — tends to squeeze corporate margins and can later pass through into retail CPI inflation, which is what drives the RBI’s repo-rate decisions. For lenders, persistent wholesale inflation can signal stress in input-heavy borrower segments (manufacturing, infrastructure), while wholesale deflation can ease working-capital demand and credit growth. WPI does not move the policy rate directly, but it helps anticipate where CPI — and therefore rates — may head next.
WPI inflation FAQ
What is India's WPI inflation rate?
India's Wholesale Price Index (WPI, base 2011-12=100) inflation averaged about 2.3% in 2024-25, after a brief spell of mild wholesale deflation (about -0.7%) in 2023-24. For the exact latest monthly print, see the source linked below.
What is the difference between WPI and CPI?
WPI measures price change at the wholesale/producer level (goods only, weighted toward manufactured products and fuel), while CPI measures retail prices households pay (including services and a large food weight). The RBI's inflation target is set on CPI-Combined, not WPI, so the repo rate responds to CPI. WPI is a leading indicator of input-cost pressure.
Does the RBI target WPI inflation?
No. The RBI targets CPI-Combined at 4% (within a 2-6% band). WPI is not the targeted index but is tracked because wholesale and producer-price moves often feed through into retail CPI prices with a lag.
Why can WPI inflation be negative?
WPI is dominated by manufactured goods, fuel and primary articles, whose global commodity prices can fall outright. When those prices drop year-on-year, WPI can show negative inflation (wholesale deflation) even while retail CPI stays positive, as in 2023-24.
Methodology & sources: see how BankPulse dashboards are sourced, verified & updated · machine-readable WPI inflation JSON feed.
Source: Office of the Economic Adviser (DPIIT) Wholesale Price Index & RBI Handbook of Statistics on the Indian Economy 2024-25,
rbi.org.in. We never reproduce RBI text verbatim. Reviewed by
Vikram Jain. Last updated 20 Jun 2026, 16:54 IST.
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