"I do expect the food inflation to come down below 3 per cent within a month," he said at the Delhi Economics Conclave here.
Basu is the head of a high-level panel appointed by Prime Minister Manmohan Singh to suggest ways to bring down inflation.
Food inflation, which touched a high of 12.21 per cent for the week ended October 22, declined to 6.6 per cent in the week ended November 26.
The latest data on food inflation based on the Wholesale Price Index (WPI) is scheduled to be released tomorrow.
The drop in food inflation, as per the latest available data, was mainly due to a fall in prices of kitchen staples like onions, potatoes and wheat.