Chief Economic Adviser to the Finance Ministry Kaushik Basu says, the conventional method of raising interest rates by the Reserve Bank to tame inflation does not seem to have worked. The central bank has hiked interest rates 13 times since March 2010 in its bid to tame inflation. Basu told reporters in Kolkata that the RBI followed the text-bookish way to announce monetary policy. He said raising interest rates to suck out liquidity from the system will have disastrous effect on the economy.On the persistent high food prices, he said the food inflation is likely to come down in three weeks time and overall inflation by the December end.