Inflation declines to 3.9 per cent: Chidambaram

Asked whether Govt had any benchmark to contain inflation rate, FM said it was for the RBI to set such a target.

Union Finance Minister P Chidambaram on Thursday said inflation rate had declined to 3.9 per cent this week and hoped it would remain under control.

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"The inflation rate has declined to 3.96 per cent. I hope it will remain under control. We will take steps to maintain price stability. We are happy it is below four per cent now. Anything under four per cent can be considered under control," Chidambaram told reporters.

Asked whether the government had any benchmark to contain the inflation rate, the Finance Minister said it was for the Reserve Bank of India (RBI) to set such a target.

"It is for the RBI to decide what should be the benchmark. The central bank sets the target. I think the present inflation rate can be considered good enough," Chidambaram said on the sidelines of the World Customs Organization conference on 'Outsourcing and offshoring of IT services'.