Taming prices is centre’s top priority, says PM

As India’s inflation rate galloped towards worrisome double digit levels — it was 9.44% in June — Prime Minister Manmohan Singh on Monday said that taming prices was among the top priorities of the government. HT reports.

As India’s inflation rate galloped towards worrisome double digit levels — it was 9.44% in June — Prime Minister Manmohan Singh on Monday said that taming prices was among the top priorities of the government.

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“Our country is passing through a phase of sustained high inflation,” Singh said in his Independence Day address to the nation. “Controlling rising prices is a primary responsibility of any government. Our government fully understands this responsibility.”

Food inflation, which accounts for 14.34% of overall inflation, grew to 9.90% during the week-ended July 30, driven by costlier protein-rich products such as eggs, milk, meat and fish.

Price data for July will be released on Tuesday.

The centre, Singh said, was continuously monitoring the situation to find out what new steps can be taken to arrest rising prices.

“We have continuously taken steps to rein in prices,” he said. “Some times we have been confronted with a situation in which the reasons for rising prices lay outside the country.”

Prices of petroleum products, foodgrains and edible oil have risen steeply in global markets.

“Since we import these products in large quantities, any rise in their prices adds to inflationary pressure in our country,” he said.