Mumbai: The Reserve Bank of India (RBI), which raised the cash reserve ratio (CRR) for banks to eight per cent last week in a bid to check rising prices, is expected to announce further measures to tighten money supply, finance minister P Chidambaram said today.

He also said the government could announce further curbs on exports if the situation continues.

''The monetary policy review is coming up on April 29 and one will have to wait and see what further steps the Reserve Bank of India takes,'' Chidambaram said in reply to a debate in parliament. He said more monetary and fiscal measures are under consideration to contain runaway inflation.

Inflation in the country has doubled in the last four months, fuelled by a global spurt in prices of food and other major commodities. The inflation rate was 7.14 per cent in the week ended April 5.

The average inflation rate, however, was around 4.5 per cent in the financial year that ended March 31, lower than an average 5.4 per cent in the previous year, the finance minister said.

The quarterly average of wholesale price-based inflation increased to 5.2 per cent during January-March, from 3.4 per cent in October-December and 4.1 per cent in July-September of 2007, he said in a written reply to parliament.

``As and when necessary, more fiscal measures will be taken'' to check inflation, Chidambaram said, adding, ``We have taken a set of fiscal measures and some more fiscal measures are being contemplated.''

The government and the Reserve Bank have taken a series of measures, including export bans and reduction of cash in the banking system, to tame soaring inflation.

``It takes time for fiscal and monetary measures to take effect,'' Chidambaram said.

Chidambaram also urged the state governments to act against hoarders and cartels to help the centre in its fight against inflation.

The RBI last week announced it was lifting the CRR -  the proportion of deposits banks must keep with the central bank - by 50 basis points to a seven-year high of 8 per cent. The move, which is expected to drain Rs18,500 crore from the banking system, had no immediate impact on cash conditions.

Analysts doubt if the RBI measures could have any impact on rising prices when monetary measures can do nothing to dampen the supply-side pressures that have pushed annual inflation above 7 per cent. And, these are largely due to rising international prices of food, fuel and metals.

Chidambaram said the government would consider proposals to ban exports of other commodities if there was a need to boost domestic supplies.

"If in order to augment domestic supplies, if there is no other downside to banning some other commodities, we will certainly consider any suggestions on this behalf," he said.

The government, the finance minister said, was also looking at available legal and administrative provisions to contain prices of steel and cement.

"As far as cartels are concerned, it is my view that cement manufacturers and to some extent steel manufacturers are behaving that way." he said.

The Asian Development Bank, meanwhile, has warned governments against ''market-distorting'' export curbs to tame surging food prices and has called for budget allocations to help the poor.