The Reserve Bank today said it is closely watching inflation situation and hoped that proper food management will help in easing of food prices. Reserve Bank of India Governor Raghuram Rajan today said that it will take next few quarters in combating inflation.RBI governor Raghuram Rajan said government is watching inflation situation. Talking to reporters in Mumbai, he said said food prices have had an effect in the last couple of months. He added that food prices may come down with appropriate food management by the government.Headline inflation accelerated to five-month high of 6.01 per cent in May from 5.2 per cent previous month, mainly driven by high food and fuel inflation.Mr Rajan also said the ongoing Iraq crisis, has impacted global crude oil prices and also affected the rupee.He also said that with narrowing of current account deficit and strong forex reserves, the country's financial situation remains less worrisome.