Inflation declined to 3.03 per cent for the week ended February 21 mainly on account of lower prices of food items such as fruits and vegetables and tea, and some manufactured items.

The wholesale price-based inflation stood at 3.36 per cent in the previous week, while it was 5.69 per cent during the corresponding period last year.

During the week, prices of food items like masur, tea, fruits and vegetables and gram declined.

At the same time there was a 4 per cent decline in price of aviation turbine fuel.

Inflation data was released a day after RBI reduced key policy rates by 50 basis points signalling banks to cut down interest rates.