NEW DELHI: India’s wholesale inflation fell to zero in November, lowest since the post financial crisis deflation in July 2009, following dramatic fall in fuel and food prices, cementing expectations of an early interest rate cut by the Reserve Bank of India (RBI) to stimulate the struggling economy.Inflation based on the wholesale price index, the most widely watched price gauge a couple of years back, stood at zero in November against 1.77 per cent in October, a seventh straight month of decline, data released by commerce and industry ministry showed on Monday. Consensus was for a near 1 per cent reading for November.Most analysts feel a rate cut on February 3 review of monetary policy is very much on cards now, but don’t think governor Raghuram Rajan is going to be pressured into immediate cut after industrial production unexpectedly contracted 4.2 per cent in October."Notwithstanding the continued slack in global commodity prices, today's lower than expected WPI print is unlikely to hasten rate cuts, with monetary policy focused on the medium term trajectory of CPI inflation," ratings agency ICRA said in a note. Rajan did not cut interest rates on December 2 after economy turned soft in July-September quarter expanding only 5.3 per cent compared with 5.7 per cent in the previous quarter, but left himself room to take a call anytime saying an out of cycle review was possible. Repo rate, the key policy rates, has remained unchanged at 8 per cent for most of the current calendar.The retail inflation, given more weight by the RBI now, also eased to 4.38 per cent November, lowest since the government started compiling consumer price index (CPI) in January 2011, data released on Friday showed, but is expected to creep up from next month. "The WPI decline is more than expected, making the rate cut imminent in February, which will likely be a deep one of 50 basis points," said Soumya Kanti Ghosh, chief economic adviser, SBI.Part of the sharp fall in both retail and wholesale inflation is due to the so called base effect – high inflation last year at the same time – but even when this begins to wane from next month analysts see inflation remaining moderate."The sharp correction in global commodity prices amid structural measures in the form of restrained MSP hikes, fiscal consolidation, sub-potential growth and tight monetary policy are having a palliative effect on inflation metrics", said Shubhada Rao, chief economist, YES Bank. "We now expect WPI to average 3 per cent in 2014-15 compared to our earlier expectation of 4.5 per cent", she added.Citi’s Rohini Malkani expects a cumulative cut of 100bps by FY16, taking repo rate to 7 per cent. Bond yields dropped further to a one-and-half-year low on the expectation of an earlier and steeper cut.Wholesale inflation in food eased to 0.63 per cent in November from 2.7 per cent in the previous month and 20 per cent same time last year. Wholesale vegetables prices were lower by 28.5 per cent from a year ago while that of onions 56.28 per cent lower.Fuel inflation for November stood at a negative 4.9 per cent during the month largely on account of slump in global crude oil prices that has allowed reduction in product prices.International oil prices in 2015 are expected to remain soft with the International Energy Agency cutting its demand growth forecast for next year. Core WPI inflation also eased to 2.2 per cent from 2.5 per cent, indicating weaker demand pressures."Amidst the current situation, a cut in the interest rates will at least provide some impetus to domestic demand," said Siddhartha Birla, president, Ficci.