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/ India News / 2007 / June 2007 / June 23, 2007 CPI ridicules Chidambarams claims on bringing down inflation |
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The Communist Party of India (CPI) on Saturday urged the UPA Government not to get carried away by the decline in the rate of inflation, which was at a 14-month low of 4.28 per cent for the week ended June 9.
New Delhi, June 23 : The Communist Party of India (CPI) on Saturday urged the UPA Government not to get carried away by the decline in the rate of inflation, which was at a 14-month low of 4.28 per cent for the week ended June 9.
The Left party asked the Centre to act firmly to control the prices of essential commodities, particularly food items.
"Despite the claim of Government that the rate of inflation slipped to 4.28 per cent and GDP growth of 9.4 per cent, the prices of food grains, pulses, edible oil, vegetables and fruits have not fallen. Rather they have shot up heaping burdens on common people," said CPI.
The party cited the studies conducted by the Associated Chambers of Commerce and Industry of India (Assocham), according to which the prices of wheat, pulses, spices, edible oil, meat, milk products, vegetable and fruits shot up by over 25 per cent between January and May.
As per the Assocham report hoarding is one of the causes of price rise.
Stern actions against hoarders and black-marketeers are not taken, while public distribution system is a least priority for the government, the CPI said.
"Finance Minister's talk of bridging the gap between demand and supply is not at all convincing, as his talk about fiscal and monetary measures," the party in a press release said.
Commenting on the lowering inflation on Friday, Finance Minister P Chidambaram attributed it to tightening monetary measures taken by the Reserve Bank. He, however, maintained that it was too early to arrive at any conclusions.
"Monetary tightening measures seem to have had an impact but I think it is too early to reach any conclusion. I have to watch what happens in the next four-five weeks," Chidambaram said.
India's annual rate of inflation, as measured by the wholesale price index (WPI), fell to 4.28 per cent, for the week ended June 9 from 4.80 percent for the week before. The inflation stood at a much higher level of 5.29 per cent in the corresponding week a year ago.
ANI
