New Delhi, July 16 (IANS) The high food and general inflation will come down in the next two weeks, the government’s chief economic advisor said Friday.
‘It is reasonable to predict that the food and price inflation in two weeks, i.e. by July 29 will be substantially lower than it is now,’ Kaushik Basu, chief econonomic advisor to finance ministry, told reporters at a briefing.
After dropping for two straight weeks, India’s annual food inflation had risen to 12.81 percent for the week ended July 3, while the overall inflation stood at 10.55 percent in June.
Basu, however, said that an effective and well-rounded food production and procurement strategy is key to keeping supply side pressures on food prices in check.
‘Though inflation has gone down and food prices have flattened, there is no denying that we have to work on food production across the board and especially in some items where India is a major consumer,’ he addded.