New Delhi: Finance Minister P Chidambaram today (Oct 26, 2004) coined a new word "petro-flation" to describe the unusual rise in inflation fuelled by surge in global oil prices.

"This is a supply induced inflation. It's clearly petro-flation," he said, adding "We have no control over monsoon and oil price rise."

Oil prices have doubled from $28 to $56 a barrel in about six months, he said.