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Inflation a global phenomenon due to rising oil prices: FM Monday Union Finance Minister P Chidamabaram today said that inflation was a global phenomenon, resulting from rising crude oil prices. Speaking to reporters after inaugurating the 500th branch of IDBI bank here, he said India was a major importer of crude oil and 75 per cent of the nation's demand of crude oil was met from imports. Crude oil prices have touched 135 U S dollars a barrel. On measures taken to control rising inflation, he said that the RBI had taken measures to control it. The government had also taken steps to control the spiralling prices of essential commodities through certain fiscal and monetary policies, the result of which would be felt after a while, he said.