Prices to come down in next few months; Montek

New Delhi, May 21 (UNI) Planning Commission Deputy Chairman Montek Singh Ahluwalia today exuded confidence that inflation rate will come down significantly in the next three to four months.

"I certainly agree with the Prime Minister that inflation rate will come down by September," Dr Ahluwalia told Reporters here on the sidelines of a function.

Dr Ahluwalia said the concerns on inflation were genuine and it was a short-term phenomenon that the government was combating.

The Plan Panel Deputy Chief said, ''people need to exercise patience while the government tries to bring down prices.'' Experts believe that the primary causes of inflation are high global crude oil prices, rise in farm prices and high level of forex inflows. Inflation touched a high of 7.83 per cent in the week ended May 3, the highest since November 2004.

The government in its bid to control prices has taken a series of fiscal and administrative measures, apart from following a tight monetary policy.

UNI GS SG HT1548