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India’s wholesale prices rose by 0.13% year-on-year in September 2025, falling short of market expectations for a 0.5% increase and slowing from a 0.52% rise in August, which was the fastest pace since April. The slowdown was primarily driven by a decline in food prices and moderating manufacturing costs. Food prices fell 1.99% in September, reversing a 0.21% rise in August. The decrease was led by lower prices for onion (-63.79%), potato (-42.24%), vegetables (-24.41% ), and pulses (-17.19%). Meanwhile, manufacturing inflation eased to 2.33%, down from 2.55% in August, which had marked the fastest growth in four months. Notable slowdowns were observed in food products (4.56% vs 7.15%), leather and related products (1.84% vs 2.40%), and cement, lime & plaster (3.72% vs 4.23%). In contrast, fuel prices continued to decline, falling 2.58% year-on-year, following a 3.17% drop in August. Monthly, wholesale prices declined by 0.19% in September, reversing a 0.53% rise in August.