New Delhi, Aug. 12 -- Wholesale inflation in India likely fell to a near two-year low in July 2025, driven by a sharp drop in food and fuel prices, according to a report by Union Bank of India.

The Wholesale Price Index (WPI) is estimated to have declined to -0.45 per cent year-on-year (y/y) in July, compared to -0.13 per cent in June, marking the lowest level in almost two years.

The report stated "July'25 WPI y/y likely fell to almost 2 years' low of -0.45 per cent".

The report noted that this fall in WPI mirrors the trend in retail inflation (CPI), with both food and fuel sub-segments slipping further into deflation territory during the month. However, core WPI, which excludes food and fuel, showed improvement, rising to 1.50 per ce...