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Inflation will be tamed and contained,assures Finance Minister Finance minister P Chidambaram on Friday counselled patience and expressed confidence that inflationary pressures would subside even as the rate of inflation for the week ended April 19 rose to a three-and-a-half-year high of 7.57%. “Inflation will be tamed and contained. Our sympathies are with the people. One must be patient. The Union government’s procurement (of foodgrains) is ahead of the target. Against a target of 150 lakh tonnes of wheat, we have procured 154 lakh tonnes till April-end. Rice procurement stands at 230 lakh tonnes,” he told reporters here. Seeking to draw a contrast with the previous NDA government, the finance minister said that procurement levels under the UPA were higher than in the past and had been rising every year since 2004. The leakage from the public distribution, however, was worrisome, he observed. It is estimated that 39% of the foodgrains meant for the public distribution system are diverted. The rate of inflation in 2000-01, when the NDA was in power, was higher than 6% for 48 out of 52 weeks, he added. “I am not saying inflation is not worrying us. We have had instances when crude prices were high but commodity prices were benign, and sometimes it was vice-versa. However, this time around, we are having a situation when both commodity and crude prices have been on the rise.” He said global crude prices had risen from $37.70 per barrel, when the UPA came to power, to $120 per barrel now. Observing that there were protests globally about rising food prices, Mr Chidambaram said all governments had to first ensure the availability of foodgrains for their own population before looking at exports.