Be patient, inflation will take time to moderate: FM

As inflation registered an increase again, Finance Minister P Chidambaram today said that the measures initiated to control prices would take time to show results and promised more steps to check the price rise

Replying to questions in Lok Sabha, he said that some traders were opposing searches and other action against them and they enjoyed "indirect support" of some political parties.

Financial, monetary and administrative measures have been initiated to check inflation and all possible steps will be taken in future too in this direction, he said while replying to questions on price rise. "Administrative measures are being taken and will be taken," Chidambaram said as members wanted to know what was being done to curb the price rise.

"Inflation will moderate over a period of time. We will take all possible steps. But we have to be patient," he said. His comments came as inflation rose from 7.14 to 7.33 per cent for the week ended April 12 after witnessing a marginal drop in the preceding week. Inflation touched a 40-month high of 7.41 per cent for the week ended March 29.

Chidambaram said that steel manufacturers had heeded to the advice of Prime Minister Manmohan Singh and decided to hold the price line for three to four months. However, behaviour of some players leaves much to be desired, the Finance Minister said.

In this regard, he said, "We noted day before yesterday, traders in Delhi joined together to say there should be no searches or action against them. They have indirect support of some political parties." He, however, did not name any party. (PTI)

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