Govt will "overcome" difficulties to tame inflation: PM
Admitting challenges in taming inflation which remains above the comfort level of 4-5%, Prime Minister Manmohan Singh on Tuesday said that it is making serious efforts to contain price rise.delhi Updated: Nov 23, 2010 14:05 IST
Admitting challenges in taming inflation which remains above the comfort level of 4-5%, Prime Minister Manmohan Singh on Tuesday said that it is making serious efforts to contain price rise.
"Our government is making serious efforts to moderate inflation rates," Singh said at the Indian Labour conference in New Delhi.
He said that there are difficulties to check the price rise but the government "shall overcome" them.
Though the food and general inflation rates have been declining for the past few weeks, they remain quite high, giving hardship to the commonman.
Despite some moderation, food inflation is still in double digits with the index hovering at 10.30% for the week ended November 6.
The general rate of price rise, covering almost all the commodities, was 8.58% in October.
The Reserve Bank of India (RBI) has been following tight monetary policy to anchor inflationary expectations.
However, as Finance Minister Pranab Mukherjee said recently that the pressure on prices is also coming from supply constraints.
According to experts, agricultural and manufactured items output has not been keeping pace with demand, leading to higher prices of food items and commodities.
First Published: Nov 23, 2010 14:02 IST