There is some moderation since then and the headline inflation for the week ended May 12, 2007, is 5.27 per cent. For the year 2007-08, the Reserve Bank's policy endeavour would be to contain inflation close to 5.0 per cent in 2007-08.
In recognition of India’s evolving integration with the global economy and societal  BIS Review 54/2007  1  preferences, the resolve, going forward, is to condition policy and expectations for inflation in the range of 4.0–4.5 per cent. This objective would be conducive for maintaining self-accelerating growth over the medium-term.