India today called for a coordinated effort at the global level to control inflation. Finance Minister Pranab Mukherjee also warned that volatility in international food and fuel prices may be on the way to becoming a long term and global phenomenon. Speaking at the Asian Development Bank annual meeting at Hanoi in Vietnam, Mr Mukherjee said, recent volatility in global prices of food and fuel has thrown up fresh challenges in the management of inflation. He added that management of inflation, in addition to domestic efforts, will increasingly have to be a globally coordinated effort. He said, India is grappling with high food inflation, which was hovering around 8.5 percent for the week ended April 23 and the Reserve Bank of India has tightened the monetary policy to contain inflation even at the cost of economic growth. Mr Mukherjee said, a significant part of inflation is due to imbalances and inadequacies in global financial and monetary management.On capital flows, Mr Mukherjee said there has been steady revival of capital flows to India in 2009-10 and this trend continued in 2010-11 due to its strong economic fundamentals.