New Delhi: As high prices continue to remain a major concern, Prime Minister's Economic Advisory Council chairman C Rangarajan on Wednesday assured that all policy measures will be carried out to bring inflation to 4-5 per cent.

"The policy is towards control of inflation, taking inflation lower down in the range of 4 to 5 per cent. We will use all policy instruments available, state policy instruments, direct   intervention in grain market, as well as fiscal and monetary policy," the PMEAC chairman said at a conference organised by Institute of International Finance here.

Although food inflation fell to 11.49 per cent in second week of February, it still remains a concern for the government.

Rangarajan, who expects the inflation to further decline to 7 per cent by March end, said high growth doesn't necessarily mean high inflation. He sees inflation as a short term constraint to achieve 9 per cent growth.

The government has taken several steps like banning exports of certain items like wheat and reducing or eliminating duties on some products to increase their availability in the domestic markets.

The Reserve Bank of India, on its part, has revised key policy rates seven times since March 2010 to tame inflation.