Price rise a global phenomenon: Cong

NEW DELHI: With rising prices turning into a political hot potato, Congress on Monday said the current inflation is a global phenomenon and cited China's example where it is at a 12-year high.

AICC Media Department Chairman M Veerappa Moily told reporters that the party would ask the government to ban future trading in more farm items. It had effected such a ban with regard to some agricultural commodities including wheat.

Expressing hope that there was light at the end of the tunnel, he said the Government has taken a series of steps and is contemplating more steps which would bring down the prices sooner than later.

Noting that it was a food-led inflation, he said China's inflation rate of 8.7 per cent for February this year has been its highest in the last 12 years with the country witnessing a "staggering" rise in pork and vegetable prices.

On a day when the Left parties asked the Government to bring down prices of essential commodities within a fortnight, Moily said the prices of both the commodities in China have risen by 63.4 per cent and 46 per cent respectively and there has been a sizable increase in the prices of food, fats and oils and grain in low and middle income countries in six months ending February this year.

Asked whether a meeting of the Congress Working Committee is on the cards to discuss the issue, he said, "no date has been fixed and the matter is being contemplated by the Congress President".