Inflation increased due to supply-related seasonal problems, government constantly monitoring the situation: Sitharaman

Kalburgi: Union Finance Minister Nirmala Sitharaman on Wednesday said inflation has risen due to supply-side seasonality and is being closely monitored along with efforts to bring down prices of essential commodities. Sitharaman also mentioned the efforts to bring down the cost of fuel and natural gas. He said that these are imported in the country and due to Kovid and Russia-Ukraine war, fuel prices are high in the global markets. He told a press conference here, “The Prime Minister had directed us to cut the excise duty on fuel itself in November 2021.” Due to this an announcement was made during Diwali. After that in June, 2022, again we cut the excise duty. All these factors softened fuel prices to some extent.” Responding to questions about inflation and measures to bring it down, the finance minister said, “But when we talk about fuel or natural gas. Let’s do it, we need to understand one thing.

These products are imported and especially with the covid pandemic and the subsequent Russia-Ukraine war, prices have shot up and imports continue. At the center level, we have cut excise duty to bring down its price. He said that the Group of Ministers keeps an eye on essential goods and their prices. Additional stock was issued as per the situation. “When the price of rice shot up, we released rice from the buffer stock.” Sitharaman said, “The central government is continuously taking steps to bring down the prices. This is the reason that consumer price index based inflation has come down from 6 per cent to 5.8 per cent. Inflation has increased due to supply-related problems at the seasonal level, which is being continuously monitored and measures are being taken to bring it down.

He also hit back at the Congress and its leader Siddaramaiah for criticizing the party. Siddaramaiah hit out at the BJP and Union Home Minister Amit Shah for their statement that the May 10 assembly elections were about handing over the future of Karnataka to Narendra Modi. He had asked whether the ruling party is so bankrupt that it does not see any Kannada leader in the state who can see the future of the state. Hitting back at this, Sitharaman said, “What is wrong in handing over the state to the Prime Minister of the country?” The Prime Minister who is taking the whole country along and is even paying attention to the development of the districts… If such a Prime Minister is being named, then why are they (Congress leaders) getting irritated? He said, “They may have forgotten…. These are the same people who used to say that Sonia Gandhi is everything for India.