India's finance minister, Palaniappan Chidambaram, said on Thursday pressure on prices remained but there were signs that central bank moves to tighten policy and lower inflation were working.
"There are signs that monetary steps are taking effect," Chidambaram told reporters. He added the government could take more measures and that the central bank's assessment on inflation was "fair and correct".
India's annual wholesale price inflation rate surged to nearly 12 percent in June, its highest in at least 13 years.
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