Inflation common enemy of India, China

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Friday , May 16, 2008 at 2231 hrs India on Thursday said like China, inflation was its biggest concern too, but New Delhi was confident of beating back prices in the next two to three months. The present bout of inflation was because of mismatch in demand and supply and India is confident that its fiscal and monetary policies would help rein in the inflation in the next two or three months, minister of state for finance Pawan Kumar Bansal said on Thursday. India’s headline inflation soared to a 42-month high of 7.61% as of April 26, while the National Bureau of Statistics of China said last week that the inflation in the country had reached 8.5% in April. Inflation was a matter of concern for both China and India, said Bansal, who was speaking at the second China-India Financial Development Forum here. India is second only to China in economic growth, but economists fear measures to check rices could hinder GDP expansion.