Mukherjee says no need to panic on inflation

Finance Minister Pranab Mukherjee said on Thursday there is no need for unnecessary panic on inflation.

Food inflation in the year to January 1 stood at 16.91%, data on Thursday showed, easing marginally from 18.3%, recorded in late December, which was the highest in more than a year. High food inflation is a major headache for a government already battling multi-billion dollar corruption cases that have emboldened the opposition.