"At least on the food front, we may expect to have some relief if this trend continues," Mukherjee told reporters here.
His comments came after food inflation eased to 10.63 per cent for the week ended November 5 from 11.81 per cent in the previous week.
"It (food inflation) is still in double digits, but on percentage points, it has come down," Mukherjee said.
As per data released by the government today, onions grew cheaper by 22.89 per cent year-on-year, while wheat prices were down by 3.63 per cent during the week ended November 5.
However, all other items became more expensive on an annual basis during the week under review.
While vegetables became 27.26 per cent costlier, pulses grew dearer by 14.44 per cent, milk by 10.74 per cent and eggs, meat and fish by 11.73 per cent.
Inflation in the overall primary articles category stood at 10.39 per cent during the week ended November 5, as against 11.43 per cent in the previous week.
Inflation in non-food articles, including fibres, oilseeds and minerals, was recorded at 5.33 per cent during the week under review, as against 6.41 per cent in the week ended October 29.
Fuel and power inflation stood at 15.49 per cent during the week ended November 5, as against 14.50 per cent in the previous week.