Surging inflation: Cong hopeful of price moderation

New Delhi, May 2 (UNI) Despite the headline inflation rate surging to 7.5 per cent, the Congress today exuded the hope that the stringent supply and demand side measures taken by the governemnt would work soon.

"You will see results...Just wait for measures to work," AICC Spokesman Abishek Manu Singhvi assured the mediapersons.

"We are cent per cent sure it (inflation) will come down... Wait for a while. It will come down," he said while replying to a battery of questions fielded to them on the spiralling price rise.

Asked if the rising inflation reflects badly on Prime Minister Manmohan Singh, a renowned economist, Dr Singhvi said even the Opposition had conceded that the present team in government was more competent knowing India's economy. "But the team does not have a magical button to find a solution overnight." Dr Singhvi said it was true that the governent had taken consistent and strong action over the past few weeks. "But the totality of the action had not borne fruit. We are waiting for results. We hope the prices will moderate shortly." UNI SH MSJ KN1926