India should target wholesale and consumer price inflation of 5 per cent and seek

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to bring it lower to maintain price stability and inclusive economic growth, the Planning Commission said in a draft report.

The document, circulated as part of a review of the economic progress between fiscal years 2007-08 to 2011-12, was obtained by Reuters and said achieving this target was "quite within the realm of possibilities".

The report needs final approval by the National Development Council, which is headed by Prime Minister Manmohan Singh.

Wholesale price inflation hit nearly 10 per cent in February and policymakers and analysts expect it to peak in two months. It averaged an annual 5.5 per cent in the period between 2007-08 and 2009-10.