The common man will have to live with high prices for another two-three months as inflation is expected to come down only by September, chief economic adviser Kaushik Basu said on Tuesday.
As per expectations and calculations of the Finance Ministry, inflation will go below 7 per cent from September, Basu said.
"So, you have to live with this high inflation for another two-three months and it should begin to go down from September," he said.
"From the middle of October, for the first time, you should see softening of inflation going down below 7 per cent," he told the seminar on 'Indian Economy and The Economic Survey', organised by the Southern India Chamber of Commerce and Industry.
Basu, however, said that the government was taking stock of the situation and looking at "fire-fighting" measures.
Inflation was at 7.55 per cent in May on the back of rising prices of vegetables and petrol.
Amid heightened inflation worries, the Reserve Bank of India last month kept key policy rates unchanged to control the price rise, disappointing the industry and retail borrowers who were expecting at least 0.25 per cent rate cut.
The industry is pitching for cut in lending rates, saying high interest rate regime has slowed down the growth.
Basu, however, noted that India's inflation record was "much, much better" compared with other emerging economies.
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