The Reserve Bank of India [Get Quote] will not hesitate to take up monetary measures to ensure price stability, its Deputy Governor Rakesh Mohan said on Thursday.

"RBI's main objective remains price stability, financial stability and maintenance of growth. We will use all monetary instruments as and when necessary for price stability," he said while speaking at a business conference on Thursday.

Monetary measures by RBI, which last month hiked the percentage of depositors money that banks should park with it, have helped cool down credit offtake. Unlike other central banks, Mohan said: "We have been taking action on prudential norms for certain sectors that we felt have been overheating."

Mohan said RBI will move Cash Reserve Ratio, both upward and downward, depending upon the situation. "We will do whatever is necessary."

Referring to inflation, he said the Food and Agriculture Organisation of the United Nations has predicted food prices would be rising at a higher rate in the next 5-10 years than in the past, adversely impacting those economies that have higher weight of food items in price levels.

Inflation rate stood at 3.11 per cent for the week ended November 3, compared to 2.97 per cent a week ago, mainly due to rise in prices of food items, petroleum products and manufactured articles.

On the impact of rising oil prices on the economy, he said RBI will maintain its policy views expressed in mid-term monetary review on high oil and food prices.

Crude oil crossed $99 a barrel mark in the international market on Wednesday.