Food and oil fuel expectations (editorial)
There is a sense of deja vu in the government's reaction to the latest inflation figures announced on Friday. For the week ending with May 17, inflation measured by the WPI index climbed to a 45-month high of 8.1 per cent. During the corresponding week last year, inflation was at 5.3 per cent. Finance Minister P.Chidambaram termed the development worrisome and suggested that although recent government measures would act to contain inflation, it might take a while bef ore there is a distinct moderation. That is because global crude and other commodity prices continue to be at record highs.