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Our Bureau

New Delhi , Jan. 12

The Union Finance Minister, Mr P. Chidambaram, said on Friday that inflation was a "concern" even as he maintained that it was in line with expectations.

Breaching the upper limit of the Reserve Bank of India's projected 5-5.5 per cent range for fiscal 2006-07, the official data released today showed the Wholesale Price Index (WPI)-based inflation surging by 5.58 per cent in the week to December 30,2006.

"Inflation is a concern. It is triggered by supply side constraints mainly of wheat, sugar and pulses. But things have eased now. Sugar prices have stabilised. Wheat prices are sticky and will stabilise when the new crop comes in," agencies quoted Mr Chidambaram as saying at the sidelines of Indian Oil Corporation's function at Panipat today.

Increase in inflation during the latest reported week was primarily on account of a spurt in prices of some food items and manufactured products.

Meanwhile, Mr Chidambaram said that the Government would continue to monitor the situation and take all fiscal and monetary steps to bring inflation under check.

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