The government has announced cuts on import duties in order to put control on the spiraling inflation, which was at an 11-month high of 5.92 per cent during the week ended March 8.

Import duties on wholly milled rice, sunflower oil, mustard oil, palm oil has been cut.

Earlier, Inflation surged to 11-month high as essential items like fruits and vegetables and pulses as well as some manufactured items turned expensive.

The whopping rise in inflation rate would not allow RBI to go for soft monetary stance as it is way above the central bank's tolerance level of five per cent for this fiscal, analysts said.

The wholesale prices-based inflation stood at 5.11 per cent in the previous week.

The spurt in inflation rate happened despite a high base of 6.51 per cent a year ago.

During the week, food articles like arhar, gram, moong, maize, fruits and vegetables as well as condiments and spices went dearer.

Prices of furnace oil, which is industrial oil, went up by 2 per cent. Manufactured products like imported edible oil, coconut oil, and mustard oil also turned dearer.

The Government had announced a ban on export of all edible oils with effect from March 17 for a period of one year to curb their rising prices.

The Prime Minister's Economic Advisory Council Chairman C Rangarajan had said on Wednesday that inflation rate was little above comfort level, and it does not favour interest rates cut policy.

Rangarajan's statement had come when inflation rate was 5.11 per cent. With the figures, released on Thursday, a possibility of such cuts have become more remote, analysts said. (With PTI inputs)