PM promises to bring down inflation to 5%

Under attack from allies over spiralling prices, Prime Minister Manmohan Singh today said his government will take all steps to bring down inflation to 5% in the next couple of months.

"The inflation rate is 5.5% now, and we will bring it down to the level of 5%. I hope we will succeed on this front in the next couple of months," he said on the sidelines of a function at Rashtrapati Bhavan.

Admitting that high prices of essential commodities were a cause of concern, Singh said that efforts would be made to moderate the spiralling prices. "There is concern about prices. We will moderate it. It is already coming down," he said.