Finance Minister P Chidambaram [ Images ] on Thursday said there is still pressure on prices, but monetary measures have started having an impact on the growth of money supply.

"I met RBI Governor Y V Reddy. Governor said there is still pressure on prices. . . I am in broad agreement with him," Chidambaram told reporters after the Cabinet meeting in New Delhi [ Images ].

The RBI chief informed the finance minister it would take some time before the monetary measures start showing effect on prices.

Chidambaram's comments came a few hours before the release of the fresh data on inflation for the week ended July 4.

The inflation has already come close to the 12 per cent mark.

• Inflation, the silent killer: Complete Coverage