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Inflation remains stubbornly high despite government's assurances: Yechury

New Delhi , Wed, 23 Nov 2011 ANI

New Delhi, Nov 23 (ANI): Communist Party of India (Marxist) lawmaker Sitaram Yechury has said there has been no impact of the Central Government's earlier assurances in Parliament to take action to prevent skyrocketing inflation.


Addressing a news conference here, Yechury said despite repeated assurances from the government, the common man was continuously being burdened with rise in prices of basic commodities and fuel.


"In the last two sessions there was a discussion on the price rise. In the first of these two sessions there was a resolution moved by the chair in both the Houses and that was discussed upon and adopted by the House, both the Houses unanimously, and that resolution called upon the government to take all possible measures to protect the common man from the negative impact of inflation but that negative impact of inflation continued and the common man was continuously being burdened," he added.


Yechury further condemned the statement read by the Finance Minister Pranab Mukherjee's which was tabled in the Lok Sabha, saying it was just a mere interpretation of some global economic trends.


"Food inflation is around 12 percent. The overall inflation continues to absolutely escalate exponentially and the statement that was laid in the table of the Lok Sabha by the Finance Minister, only tries to justify this through global trends," added Yechury.


Food inflation has been stubbornly high over the last few years in India, inspite of record foodgrain production and robust buffer stocks.


The Reserve Bank of India (RBI) has already raised rates 13 times since early March 2010 to clamp down on stubborn inflation, largely driven by high food prices.


Inflation has remained over nine percent since December 2010. The headline inflation measured on Wholesale Price Index (WPI) was 9.7 percent in October, while the rate of price in food segment for the week ended November 05 was 10.6 percent. (ANI)


Read More: Delhi | Bank | Inflation

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