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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 yearWPI 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

WPIWholesale / 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.
CPIRetail 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 divergeWPI 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.

Key terms in this dataPlain-English definitions of the terms behind this dashboard — see the full Indian banking glossary. Repo rate · EBLR · CASA
More live dataExplore BankPulse’s other live RBI dashboards: CPI Inflation · Repo Rate Timeline · Money Supply · Credit & Deposit Growth.

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.

Last reviewed by
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 19 Jun 2026, 02:49 IST.