Confident of taming inflation in coming months, says PM

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Inflation may touch 10% by end MarchInflation up at 0.83% on higher food pricesHoarding drives food inflation by 16.32%Inflation a matter of concern: FM

Bangalore, May 8: Prime Minister Manmohan Singh said on Thursday the UPA government was committed to tame inflation in the coming months and has made strenous efforts to shield the poor and the vulnerable from it.

“I am satisfied and I am confident that in the coming months, we will tame inflation and bring it back to reasonable levels. This is our commitment,” he said.

Noting that in the last few weeks, there have been concerns about rising inflation, Singh told a meeting here that there was an international dimension to the trend.

“Oil prices, which were around $35 a barrel in 2004 have now touched $120 per barrel. International foodgrain and commodity prices have risen substantially”, he said at the meeting organised by the Karnataka Pradesh Congress Committee.

The three-phased polling for the assembly elections begins in the state on May 10.

The Prime Minister said the UPA government has made strenous efforts to shield the poor and the vulnerable from the effect of rising prices. Kerosene and LPG prices have been hardly touched in the last four years and even petrol and diesel price rises have been marginal, he said.

The government was bearing a huge cost to shield the poor, Singh said. “Foodgrain issue prices for BPL rice and wheat have not been touched while wheat and rice support prices have been doubled for the benefit of our farmers. This year, we hope to have a bumper crop and procurement has been excellent,” he added.