New Delhi: Concerned over the rising prices, Finance Minister P Chidambaram yesterday (Dec 12, 2006) dubbed inflation as the 'only fly in the ointment', while the economy was firing on all cylinders.

"Inflation is largely a monetary phenomenon.We are taking steps on monetary and fiscal fronts," he said, during a discussion on supplementary demands for excess grants for 2004-05 and supplementary demand for grants for 2006-07.

Comparing the economic growth rates under the NDA regime and the UPA rule, Chidambaram said in six years of the previous regime three years witnessed less than six per cent growth, while the present regime has delivered more than seven per cent growth in nine quarters out of ten.

"You (the opposition members) may not join us in celebrating the growth. But you can't hide this by saying that the economy is going to ruins," he said.