NEW DELHI: There is no respite from rising prices yet. The wholesale price-based annual rate of inflation rose to 8.24% for the week ended May 24, its fastest pace since August 2004. Once the recent increase in price of petroleum products enters the computation, it could well go beyond 9%, say economists. The weekly data on soaring cost of living has prompted finance minister P Chidambaram to promise more steps to contain price increase even as opposition BJP demanded the resignation of prime minister Manmohan Singh for unleashing economic terror. If inflation continues to rise, the central bank may ask banks to keep more funds in the reserve to manage liquidity, feel economists. Inflation has accelerated for the seventh week running. While the pace of week-on-week increase in prices – 0.2% for primary articles and 0.1% for manufactured products – appears to have moderated, the base effect is causing year-on-year inflation to accelerate. The annual rate of inflation stood a...