Mumbai: The annual rate of inflation based on the wholesale price index fell to a new five-year low of 3.02 per cent, down 0.05 points from the previous week''s 3.07 per cent.

The inflation rate was 5.61 per cent in the corresponding week a year ago.

This is the first official data on inflation after the RBI announced its mid-term credit policy review on October 30, in which it raised the cash reserve ratio for banks by 0.5 points to 7.50 per cent.

During the week, prices moved in a narrow range. In fact, in most groups, the price index moved up, although at a slower pace.

While food items such as maize, arhar, masur and wheat turned expensive, some others like fish and other marine goods, bajra and urad turned cheaper.

Among manufactured goods, prices of chemicals and chemical product declined while those of most other items rose.

Prices of bitumen, naphtha and furnace oil rose. Though inflation has been below four per cent for most of the year, the RBI expects rising international oil and food prices to push it higher.

Although international prices of oil have rocketed to record $96.24 per barrel on worries over tight supplies, it has not impacted Indian consumers so far.

Meanwhile, petroleum minister Murli Deora had met finance minister P Chidambaram to weigh options to address the issue of impact of rising global petro prices on domestic oil companies.