India's wholesale prices declined at a much faster-than-expected pace of 2.06 per cent on year in February, their fourth straight monthly fall, on the back of plunging global oil prices, government data showed on Monday.

The data compared with a 0.70 per cent year-on-year fall forecast by economists in a Reuters poll and a provisional 0.39 percent decline in January.

The reading for December wholesale price inflation was revised to an annual fall of 0.50 per cent from a gain of 0.11 per cent earlier.