Kolkata (Agencies): Deputy Chairman of Planning Commission Montek Singh Ahluwalia on Friday said that the overall inflation would come down to seven per cent by March.

Speaking to media persons here, Ahluwalia said, "The overall rate of inflation will come down to seven per cent by March.”

Stating that inflation was a serious problem and the government was aware of it, Ahluwalia said the high food inflation was a "seasonal spike" and would come down, adding, "But I will not be able to tell you where the food
inflation will go".

Ahluwalia said food inflation was high because of high prices of onion and vegetables. "Once the new crop was available in the market, food inflation would come down."

He said all the emerging markets in the world were experiencing price pressure and the situation "is not unique to India".

The conference was organised by the Indian Chamber of Commerce.