Reserve Bank of India Governor Raghuram Rajan today said that it will take next few quarters in combating inflation. He said he is watching inflation situation in the country carefully and hoped that appropriate food management will bring down prices soon.The RBI Governor said Wholesale price inflation hit a five-month high in May, and prospects of weak summer monsoon rains and turmoil in Iraq have increased the risk of rising food and fuel prices.Replying to a query of mediapersons in Mumbai, Mr Rajan said, RBI has an eye on developments in Iraq. He also said that the country has sufficient reserves and low Current Account Deficit, the country is in a better position to meet external sector challenges.