Enthused by the prospects of good monsoon, the Planning Commission today said the double digits inflation would decline by December. It also sounded optimism that economic growth would exceed 8.5 per cent this fiscal. Plan panel Deputy Chairman Montek Singh Ahluwalia said, RBI's monetary steps would be back to normal and monetary actions would not hurt growth. The Reserve Bank had softened drastically policy to offset the impact of global financial crisis last year. Talking to reporters in New Delhi, Mr Ahluwalia said, good monsoon will help to bring down prices.Inflation, based on movement in wholesale prices is hovering above 10-per cent mark. It was 10.16 per cent in May, and as per the revised estimates, it had exceeded 11 per cent in March. Mr Ahuluwalia said, the country will end the fiscal with a GDP growth of 8.5 per cent with upward bias. When asked about decline in industrial growth numbers to 11.5 per cent in May from 16.52 per cent in the previous month, he said, it has come down because of base effect and expressed hope that the industrial growth would be in double digits this fiscal.