Friday, May 30, 2008

Inflation at 8.1% for week ended May 17

The government's administrative and fiscal measures failed to have the desired effect on soaring prices as inflation for the week ended May 17 moved up sharply to 8.1 per cent.

Announcing the figure on Friday, Finance Minister P Chidambaram expressed confidence that the government would be able to soon rein the inflation in.

"It is worrisome, but we are confident of gaining mastery over inflation," he said.

The finance minister added that authorities may take more steps to control inflation if needed.

Inflation was pegged at 7.82 per cent for the week ended May 10, compared with 7.83 per cent and 7.61 per cent for the week ended May 3 and April 26, respectively.

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