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Closely Monitoring Price Situation: Govt

New Delhi

Government today said it is "closely monitoring" the prevailing price situation in the country and taking steps to bring down inflation.

Food inflation, Minister of State for Finance Nirmala Sitharama said, has already shown signs of easing in response to the measures taken earlier.

As per the latest WPI data, inflation in 31 essential commodities has moderated to 6.05 per cent in June as against 9.27 per cent in the same month last year. The retail inflation data also revealed that food prices moderated to 28 months low of 7.9 per cent in June.

"Government is committed to ensuring price stability and is closely monitoring the situation and taking steps on an ongoing basis to bring down inflation," she said in a written reply in the Lok Sabha.

Among various steps to contain food inflation, the government has recommended delisting of fruits and vegetables from the purview of Agricultural Produce Marketing Committee Acts of the states and fixing a minimum export price on onion and potato to ensure domestic supplies.

The Reserve Bank is scheduled to come out with its bi- monthly monetary policy on August 5. The central bank has maintained a high interest rate regime in its bid to check inflation.

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OUTLOOK 01 August, 2014
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