"I am really happy that it (inflation) has moderated. I hope that we will be able to keep inflation under control in coming months," Planning Commission Deputy Chairman Montek Singh Ahluwalia told PTI.
"I had said that if inflation does not come down in January, then people can legitimately criticise the government. It has come down in January so it does show that we knew, what we were doing," he added.
Inflation, as measured by the Wholesale Price Index (WPI), had stood at 7.47 per cent in December 2011. It was 9.47 per cent in January last year.
Asked about what the inflation would be in by March end, Ahluwalia said, "We have not reviewed the position to see what March (inflation) would be like, but if it is better than what I predicted then it is good."
"Frankly about three to four months ago, this is what, I was telling everybody that if you look at the underline trend, the inflation is going to moderate," he further said.
On the inflation coming down below 7 per cent mark before March as projected by him earlier, Ahluwalia said, "month to month inflation rates varies. Sometimes it can come down faster than you expected."