Kolkata, Oct 24 (ANI): Emphasising that rising food inflation is unacceptable, Union Finance Minister Pranab Mukherjee has said government would take substantial measures to curb rising rates.
"Though it (food inflation) has come down from 20 percent in January-February 2010, which was (as) high as 20 percent, it has come down from 20 percent to nine percent, average. Now it has gone up to, for the last week, it has gone upto 10.6 percent. This is no satisfaction to us, it is unacceptable," Mukherjee told the media here.
"We shall have to see that it is further brought down and to remove the supply constraints, a series of measures have been taken from the demand side by adjusting crucial rates, Reserve Bank of India has taken the appropriate steps. I hope it will have some impact," he added.
The food price index rose 10.60 percent in the year to October 08 and the fuel price index climbed 15.17 percent, data on October 20 showed, up from 9.32 percent and 15.10 percent, respectively, a week earlier.
Inflation in the country has been above nine percent for 10 straight months, driven up by snags affecting food distribution, weakness in the rupee and high oil prices.
Sluggish growth in industrial output , high rates and fallout from the euro zone crisis have all had their impact on Indian economy, and its policymakers are revising down their growth forecasts for the fiscal year. (ANI)