Food prices likely to come down: Commerce Min

The driest spell in nearly four decades and then floods in parts of the country have pushed up food prices, which officials and policymakers have said could fuel broader inflation.

The annual food prices went up 18.22% for the week ended December 26, 2009. The number for the previous week stood at 19.83%.

The issue of rising food prices is a matter of concern. However, it (food prices) is likely to come down due to good winter crop prospects, Commerce and Industry Minister Anand Sharma said on Monday, adding, “There is no need to import wheat and rice.”
"We don't have a situation of India needing to import wheat and rice. With good prospects of rabi (winter-sown crops) we are hopeful of food prices coming down," Sharma said, adding, there is not need to import wheat or rice in India.

(With inputs from Agencies)
Source: Moneycontrol.com
Courtesy moneycontrol.com

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