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LATEST NEWS UPDATES | Food inflation at 18% 'unacceptable', says Montek

Food inflation at 18% 'unacceptable', says Montek

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published Published on Apr 13, 2010   modified Modified on Apr 13, 2010

Planning Commission Deputy Chairman Montek Singh Ahluwalia told NDTV that he expects food inflation to come down to single digits in two to three months.

He said that food inflation at 18 per cent levels is “unacceptable” and the government will take drastic steps if inflation doesn't cool in the next two months. He added that potato prices have come down sharply and vegetable prices are also coming down.

Higher prices of milk, fruits and pulses pushed food inflation to 17.70 per cent for the week ended March 27, fueling expectations that RBI may further tighten rates in its annual monetary policy on April 20.

With prices of essential items rising and food inflation spreading to manufactured goods, the overall inflation for March is likely to cross the double digit mark.

The overall inflation, which includes variation in prices of food and non-food items, was 9.89 per cent in February.

The government recently announced setting up of the working groups that will examine in depth the issues of agriculture production, public distribution and reduction of prices.

The group on agriculture production will be headed by Haryana Chief Minister Bhupinder Singh Hooda, the one on consumer affairs will be led by Gujarat Chief Minister Narendra Modi and Planning Commission Deputy Chairman Montek Singh Ahluwalia will head the group on food and public distribution.


NDTV, 13 April, 2010, http://beta.profit.ndtv.com/news/show/food-prices-to-come-down-in-2-3-months-montek-34773


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