With rising global crude and food prices overshadowing celebrations of its four years in office, the UPA government on Thursday assured the people that it working toward containing inflation, which it hoped, would be moderated in the next 8-10 weeks.

"The reports of Rabi crop are good and predictions of good monsoon give us hope and confidence that the steps we have taken so far will enable us to return to a regime of moderate inflation in 8-10 weeks' time," Prime Minister Manmohan Singh said at a function marking the fourth anniversary of his government.

He said sharp escalation in global prices of oil, steel and food has impacted the Indian economy, while the government has taken several measures to deal with the problem of inflation.

Inflation, measured on Wholesale Price Index, has touched a 44-month high of 7.83 per cent for the week ended May 3, leading to the pressure on the government from Left allies and opposition parties.

However, according to the four-year report card of the UPA government, only a minimal increase in prices of petroleum products was allowed despite a three-fold rise in international rates of crude oil. Global crude oil prices shot to a record $135 a barrel in Asian trade on Thursday.

"Control of inflation has been a priority concern. An upward pressure on prices since 2007 has been wholly on account of steep increase in global commodity prices, especially oil and food prices. It has also affected inflationary expectations," the prime minister said.