Inflation a short-term challenge: Montek (Lead)

July 2nd, 2008 - 6:37 pm ICT by IANS  

New Delhi, July 2 (IANS) Inflation is a short-term challenge, arising out of crude oil price increase, Planning Commission Deputy Chairman Montek Singh Ahluwalia said here Wednesday. “It is properly handled and should not affect the medium-term average growth rate of 9 percent,” he said on the sidelines of a function.

Referring to the current fiscal, Ahluwalia said the growth rate could be 8 percent or “a little less than that, say around 7.9 percent”.

India’s annual rate of inflation hit a 13-year high of 11.42 percent for the week ended June 14.

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