The Prime Minister's Economic Advisory Council (PMEAC) on Monday said the Government and the RBI should take steps to tame the rate of price rise. Speaking to reporters , while releasing Review of the Economy 2010-11, PMEAC Chairman C Rangarajan said inflation currently stands at uncomfortably high level. He said monetary and fiscal policies have to be appropriately tight to protect the economy from inflation. Mr Rangarajans said the monetary policy has an important role to play and expects the central bank to continue with its measures to control inflation. The RBI is scheduled to come out with its mid-quarterly review of monetary policy on March 17.Meanwhile, the PMEAC revised upwards its inflation forecast for March-end to 7 per cent from 6.5 per cent estimated earlier.On the prevailing high inflation, Mr Rangarajan said, vegetable prices have begun to normalise from the last week of January onwards.The PMEAC said further decline can be expected during first quarter of 2011-12. Mr Rangarajan said the combination of appropriate policies can create conditions conducive to bringing back the economy to 5 per cent inflation level.