Union Finance Minister Pranab Mukherjee on Thursday expressed confidence about bringing down inflation.
Talking to reporters here, Mukherjee said: "We have analysed the situation. We have indicated what further steps we are going to take. We have also indicated that there should not be any unnecessary panic."
"The government will announce more steps to contain inflation later in the day," he added.
Following Tuesday's high-level meeting called by Prime Minister Manmohan Singh on price rise, Mukherjee met Planning Commission Deputy Chairman Montek Singh Ahluwalia , Agriculture Minister Sharad Pawar and Cabinet Secretary K M Chandrasekhar .
The meeting deliberated on the measures to contain price rise, especially of the essential kitchen items like onion and other vegetables, reduction of duties on milk power, banning exports of wheat products.
There are expectations that the Reserve Bank of India (RBI) too will announce some measures to curb inflation at its monetary and credit policy review meeting by month-end.
The government has been under attack for not being able to bring down prices, especially of food items.
The food inflation, fuelled by rising prices of vegetables, fruits, meat and egg has crossed 18 per cent on December 25. (ANI)