New Delhi, May 6: The government can consider some more measures to contain inflation if prices do not soften going ahead, Planning Commission Deputy Chairman Montek Singh Ahluwalia said today.

"We are not at all happy with the rate of inflation. It should come down. Government can take more measures if needed," he said at an event organised by Microsoft India.

Inflation touched a 42-month high of 7.57 per cent for the week ended April 19 as compared to 7.33 per cent in the previous week. "We should give priority in bringing down inflationary expectations," he said.

Bellying the expectation that steps taken to contain inflation would impact growth, Ahluwalia said the country is likely to record a growth of 8 per cent during the current fiscal. According to the RBI annual credit policy, Indian economy would grow between 8-8.5 per cent during the current year. During 2007-08, the economy expanded by 8.7 per cent. When asked whether futures trading of food grains be banned to bring down inflation pressure, he said the expert committee has said that futures trading does not increase inflation, he said.

Speaking about the rising steel prices, Ahluwalia said "We are yet to see the reduction of duties in the market."