Chairman of the Prime Minister's Economic Advisory Council, C. Rangarajan on Monday said that more steps are required to further moderate the inflation. He was speaking to reporters in New Delhi after the release of Wholesale Price Index Review. Sounding a note of caution, Mr. Rangrajan said, RBI should take into account inflation of manufactured goods, which has shown only marginal decline, while deciding to lower policy rates at its monetary review next week. RBI is scheduled to announce its third quarterly economic policy review on the 24th of this month.As per the official data, prices of food items rose at a lower rate of 0.74 per cent in December, compared to 8.54 per cent expansion in the previous month.However, inflationary pressure continued in manufactured items, which which have a weight of around 65 per cent in the WPI basket.Prices of manufactured products, went up by 7.41 per cent year-on-year in December, as against 7.70 per cent in the previous month. Barring December 2011, headline inflation had been above the 8 per cent mark since January 2010, while it was above 9 per cent since December of the same year.