Oil, commodity prices are inflation worries: FM

High oil and commodity prices are cause of concern for inflation, said Finance minister P Chidambaram, today. He was meeting Arni Mathiesen, Minister of Finance, Iceland & Icelandic Trade Delegation.

"Oil prices have risen to new high and there is a warning that it will continue to rise. Commodity prices will also continue to be high. This needs to be controlled and inflation rate should not go out of our hands," Chidambaram said.

On turbulence in the market Chidambaram said there has been significant turbulence in the stock market. "India will continue to remain conscious in opening the market," he added.

On GDP growth rate he said it will be close to 9% . "There is no magic in the growth. we have only followed the procedure that propel growth anywhere in the world," added Chidambaram.