Don't press the panic button, says Chidambaram

Government and top Congress leadership got into action to formulate measures to check prices as Finance Minister P Chidambaram cautioned against "panic".

Reeling under relentless inflationary spiral, government and top Congress leadership got into action on Saturday to formulate measures to check prices as Finance Minister P Chidambaram cautioned against "panic".

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The strategy for managing inflation that shot to 13-year high at 11.05 per cent was discussed with Prime Minister Manmohan Singh by both Finance Minister and RBI Governor Y V Reddy.

Chidambaram later conferred with Sonia Gandhi to apprise her of the situation.