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India’s wholesale prices rose by 0.85% yoy in April 2025, down from a 2.05% increase in March and below market expectations of a 1.76% rise. This marked the softest pace since March 2024, largely driven by a significant slowdown in food prices, which saw their smallest increase in 18 months (2.55% vs 4.66% in March), with vegetable prices plunging 18.26%. Manufacturing inflation also eased to a three-month low of 2.62% (vs 3.07%), reflecting softer increases in the prices of paper and paper products (2.10% vs 2.39%) and pharmaceuticals, medicinal chemicals, and botanical products (0.98% vs 1.26%), along with a decline in basic metals (-0.64% vs 0.29%). Additionally, fuel and power prices fell (-2.18% vs 0.20%), weighed down by lower prices for LPG (-0.41%), petrol (-7.70%), and HSD (-5.04%). Meanwhile, primary articles fell by 1.44% (vs 0.76%). Monthly, wholesale prices shrank by 0.19% in April, marking the sixth straight monthly drop, following an upwardly revised 0.26% fall in March.