Chidambaram says signs of inflation stabilising a "big relief"

Finance Minister P. Chidambaram today expressed "big relief"that headline inflation was showing signs of stabilising at thecurrent level. He said the recent steps taken by the government will definitelyhelp easeinflation. However, if needed, the government was ready to take freshmeasuresto curb the price spiral, he said. "Inflation rising from 7.57% to 7.61% is not statisticallysignificant. Infact, it has come as a big relief that it has stabilised," Chidambaramtoldreporters. India's headline inflation, as measured by the wholesale priceindex, roseto a fresh 42-month high of 7.61% for the week ended Apr 26 from 7.57%a weekearlier. Chidambaram, however, said it was difficult to predict the futuretrendfor inflation. Inflation continued to remain high globally, the minister said. "In no country in the world, has inflation moderated. That isbecause ofthe continuous rise in global crude oil prices, continuous rise infood pricesand not yet moderating prices of other commodities."