RBI head Subbarao sees signs of inflation slowdown

Reserve Bank Governor Duvvuri Subbarao told his first news conference that the RBI would monitor the price situation closely and take appropriate action where needed to maintain growth. India's annual inflation rate, as measured by wholesale prices, is running at 12.34 percent, down from a peak of 12.63 percent in early August, which was its highest since the current series was made available in the mid-1990s.