India’s wholesale prices unexpectedly dropped by 0.58% year-on-year in July 2025, steeper than market forecasts of a 0.30% decline and following a 0.13% fall in June. This marked the second consecutive month of annual decline in wholesale prices and the sharpest drop since July 2023. The decline was primarily driven by falling food prices, which recorded their steepest drop since August 2015 at -2.15%, compared to a 0.26% fall in June. The sharp drop was led by plunges in onion prices (-44.38%), potatoes (-41.26%), and vegetables overall (-28.96%). Additionally, fuel prices fell 2.43%, following a 2.65% decline in June, contributing further downward pressure on wholesale inflation.
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