"The important figure is the non-food WPI. There is practically a two percentage point decrease from 23.22 per cent to 21.31 per cent (in it). My comment is that there will be a moderation on inflation," he told reporters.
While inflation of food items, as measured by the Wholesale Price Index (WPI), fell to 8.06 per cent during the week ended May 21 from 8.55 per cent in the previous week, inflation of non-food primary articles dropped to 21.31 per cent during the week under review, as against 23.22 per cent in the previous 7-day period.
If the declining trend in food items and non-food primary items articles continues, Mukherjee said, "It would be possible to have a moderate rate of inflation."
The minister, however, cautioned against high crude oil prices in the international market, as they could have a bearing on domestic inflation.
Following the decision of the oil marketing companies to raise prices of petrol by Rs 5 per litre from May 15, the index for petrol shot up by 32 per cent during the week.
Global crude prices are currently above USD 100 per barrel, mainly on account of the conflict in the Middle East and North Africa.