New Delhi: Expecting wheat prices to stabilise with the arrival of fresh stocks, Prime Minister Manmohan Singh on Monday said prices of other commodities that are pushing up inflation will be brought under "effective control".
Admitting that inflation has "edged up", the Prime Minister, however, said it was not a cause for serious concern.
"I won't be alarmist," he told PTI.
The Prime Minister said the Reserve Bank of India (RBI) has taken some monetary measures in this direction.
"With the coming of more grains, prices of wheat will stabilise. Prices of other commodities, which have played a role in leading to a rise in WPI will be brought under effective control," Singh said.
Inflation had breached RBI's threshold limit of 5.5 per cent for this fiscal, when it touched 5.58 per cent for the week ended on December 30.
Since inflation inflicts hardships to the poorer sections of society, the Government was mindful that it must gain "mastery over inflation. We will remain sensitive to inflation", he said.
Asked whether petrol and diesel prices will be further reduced, he said, "It all depends on what happens to international crude prices. When international prices come down, there will be a scope for reducing prices.
"I am not an astrologer. I cannot predict what will be the shape of international prices of petroleum products," he said, noting that the government had reduced prices of petrol and diesel only a few weeks back.
(With agency inputs)
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