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Finance minister hopes Inflation will moderate after monsoon

Hyderabad, July 20 (IANS) Finance Minister Pranab Mukherjee Tuesday voiced concern about the high rate of inflation saying it is no longer confined to food items and hoped that it would moderate after the monsoon season.

‘Up to April-May it was food items which contributed significantly. In December it went up to as high as 20 percent. Gradually it has come down 14 to 15 percent,’ he said.

Mukherjee said fuel and other ingredients of inflationary basket recently started picking it up and as a result inflationary pressure is being felt.

‘I hope average annual inflation will be moderate and the impact will be felt after the monsoon season is over,’ he said.

Mukherjee was talking to reporters after a meeting with chief ministers of southern states and chief executives of public sector banks and financial institutions.

‘We are taking up mission mode project to improve supply of pulses and edible. There is a shortfall of five million tonnes of pulses and three to four million tonnes of edible oil,’ he said.

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