Deflation persisted for the fifth consecutive month as wholesale price index based inflation fell to a record low of minus 2.33 per cent in March on account of cheaper food and fuel products as well as manufactured items. Inflation measured on Wholesale Price Index, WPI, was at minus 2.06 per cent in February and minus 0.39 per cent in January. It was at 6 per cent in March 2014. Deflation was also visible in the manufactured products category where the rate of price rise dropped to a record low of minus 0.19 per cent. The Retail inflation has also eased to a 3-month low of 5.17 per cent in March this year, amid softer prices of some food items, according to a government release on Monday. According to analysts, the decline in inflation and a positive industrial output data would give room to the Reserve Bank to consider a cut in interest rates as has been the demand of the industry.