Talking to newspersons here after the Convocation function in Womens'Christian College(WCC) here, he said inflation was an international phenomenon and not confined to the country alone. It was mainly due to to the increase in commodity prices all over the world, he added.
Mr Chidambaram said the Centre, however, had succeeded in curbing inflation from 7.4 per cent to 7.1 per cent. The minister said "either we should not be thrilled, when the inflation rate comes down or panicked if it increases".
Mr Chidambaram also said the Centre was taking adequate steps in controlling soaring prices of essential commodities.
''We will control this'', he added.