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Price rise matter of concern: Pranab

Finance minister Pranab Mukherjee on Sunday said price rise is a matter of concern and hoped that with steps being taken by the government, food inflation which has shot up to 14%, may come down to 6.5% by March end.

business Updated: Jan 02, 2011 21:19 IST

Finance minister Pranab Mukherjee on Sunday said price rise is a matter of concern and hoped that with steps being taken by the government, food inflation which has shot up to 14%, may come down to 6.5% by March end.

"I will definitely say that price rise is a matter of concern. But that we have failed I cannot accept because in last November the rate of food inflation was 21% which has come down to 8.97%," Mukherjee said at a press conference here.

Pointing that it has again shot up to 14%, he said, "Definitely it is alarming. But side by side it is also true that it has come down to 14% from 21%. But it is still rising. And, now there is a tendency (for upward rise).

"I am hoping that with the steps taken by us, by end of March, rate of inflation may come down to 6.5%," he said.

Regarding food inflation, he said, "What I am referring to is WPI, apart from which there are three consumer price indexes. Fortunately the wholesale price index, what I said 14.6%, that is weekly variation. Monthly figure of December has not yet come.

"In November, the monthly wholesale price index is 8.68. And, three consumer price index is also single digit. This has happened after a long time. Still I do feel that it is an area of concern and we have to be constantly watchful."