New Delhi, Apr 17: The headline inflation rate for the week ended April 5, 2008, moderated to 7.14 per cent from 7.41 per cent previous week, which was the highest since November, 2004. The decrease in inflation rate is the first softening after eight weeks of rise, but still far higher than RBI's comfort level of five per cent.
Yesterday, Finance Minister P Chidambaram said the Centre would make every possible effort to check rising inflation, including adoption of monetary, fiscal and supply side measures, and called upon state governments also to make endeavours in this direction, including taking action against hoarders and profiteers under the Essential commodities Act.
''We will do our best to check inflation by following a three pronged approach -- taking fiscal, monetary and supply side measures. However, it is also incumbent upon various state Governments to do their bit by acting against hoarders and profiteers under the Essential Commodities Act in order to ensure that the foodgrains reach farmers,'' the Finance Minister said during an intervention in Rajya Sabha.