Indian minister: 8.1% inflation rate worrisome

NEW DELHI, May 30 (Xinhua) -- Describing inflation at 8.1 percent as worrisome, Indian Finance Minister P. Chidambaram said here Friday that steps will be taken to moderate and reverse as it is worrisome.

"Nobody has drawn any great satisfaction at 8.1 percent inflation. 8.1 (percent) is a worrisome inflation. But the measures, we have taken, have contained inflation. We are confident that we will gain mastery over this inflation and inflation will be contained over time," Chidambaram said on NDTV.

However, moderation in inflation depends on global crude oil and commodity prices, he said.

Crude oil prices, which touched a high of 135 U.S. dollars per barrel, were trading at 126 U.S. dollars per barrel today. The government is currently mulling how to address the issue.

The minister said any increase in administered prices of petrol would have moderate inflationary impact in the short term, but its effect on prices in the long term could not be predicted as there would be cut in expenditure under some heads as well.

"That is the message that I want people to know. We will do our best to contain, moderate and to some extent reverse headline inflation. We are doing our best, we will continue to do our best, we are open to ideas (for containing inflation)," added the minister.