New Delhi, June 6: The rate of inflation today climbed to a four-year high of 8.24 per cent but the figure does not take into account the petroleum price increase earlier this week.

Officials expect the rate to crawl towards the double-digit mark — not seen since the mid-nineties — once the petroleum price impact becomes evident.

Today’s figure is for the week ended May 24.

Sonal Varma, an economist with the investment bank Lehman Brothers, said: “We expect the inflation rate to rise to around 9.5 per cent on a yearly basis for the week ending June 7.”

From that level, 10 per cent doesn’t look like a climb to the top of Everest.

Even Reserve Bank governor Y.V. Reddy appeared concerned. “(The) increase in oil prices has been more than what we anticipated... it is an important negative development for inflation.”

The political fire lit by the oil price rise sparked a public exchange of accusations between finance minister P. Chidambaram and the BJP.

The finance minister took the unusual step of responding to a resolution adopted at the recent BJP executive, accusing the government of inflicting “economic atrocities on the citizens of India by its failure to curb price rise”.

Chidambaram, who described inflation as a “problem”, said: “I regret to point out that the resolution is an exercise in self-deception and is aimed at spreading disinformation.”

He narrated how during the BJP-led government’s rule “in 2000-01, in 48 out of 52 weeks the WPI (wholesale price index) was over 6 per cent; in 22 of those weeks it was over 7 per cent; and in 12 of those weeks, it was over 8 per cent.”

Indications from the finance minister suggested the government would take fresh anti-inflationary steps.

He said: “We have taken fiscal, monetary and administrative measures and we are willing to take more measures.”

The government has already slapped export tax on food products and steel and reduced duties on import of commodities. It is tipped to slap a tax on iron ore exports.

State-run agencies have floated tenders to buy food products such as pulses, whose prices have been rising.

The RBI could squeeze more money out of the economy, a step some economists expect.

Relief from the relentless price rise, if any, can only be expected from the monsoon, forecasts for which are favourable.