Jaipur, Jul 23 (UNI) Finance Minister P Chidambaram today reiterated that the monetary measures taken by government to control the price line will moderate the soaring inflation over the course of time.
Talking to reporters here, Mr Chidambaram said that inflation and the price rise were ''imported global problems'' for the country which had its origin beyond Indian borders and monetary measures being taken by the UPA Government would make impact soon.
He added that inflation was due to hike in crude oil and commodities prices.
''With last harvest season having good crop of paddy and wheat, we have insulated against one cause--commodities prices--but on crude oil price front the situation is still vulnerable,'' the Minister said.
The inflation rate touched a 13-year high of 11.91 per cent for the week ended July 5 from 11.89 per cent in the previous week.
It is the 21st consecutive week that the inflation rate has been above 5.5 per cent, the target set by the Reserve Bank of India for the current fiscal.
UNI SS MP GC1540