With the prices of food, oil and other commodity prices rising world wide the inflation rates in India soared to an all time high before it got moderated with the many factors including the fall in the oil prices. By July 2008, the key Indian Inflation Rate, the Wholesale Price Index, has risen above 11%, its highest rate in 13 years. This was more than 6% higher than a year earlier and almost three times the RBI’s target of 4.1%. On December 4 inflation fell to its lowest in nearly 7 months to 8.40%.