New Delhi: The Finance ministry will release fresh data on the rate of inflation on Friday after it climbed to 7.83 per cent last week, highest in 44-months.
The Prime Minister has proposed controls over commodity exports and reduction of tariffs on imports to increase supply in domestic markets.
Prime Minister said that the Government had made determined efforts to accelerate the pace of development while maintaining price stability.
“An upward pressure on prices since 2007 has been wholly on account of steep increase in global commodity prices, especially oil and food prices. It has also affected inflation expectations.”
Several steps like scrapping of import duty on wheat, pulses, edible oils and maize have been taken. There is also a ban on export of non-basmati rice.
Fear of further surge in inflation rate persists as oil prices touched the record high of $135 a barrel in the international market.
However, Prime Minister Manmohan Singh on Thursday assured oil companies that they will not suffer due to increase in crude prices.
"We will not allow oil companies to suffer," he said.
Speaking about the rising inflation rate RBI Governor Y V Reddy has described the inflation rate as "totally unacceptable" as it affects the poor instantly, but expressed hope that it might start moderating following various steps taken by it and the Government.
"High growth benefits the poor with a lag, while inflation adversely affects them instantly. Hence the current high-level of inflation is, especially in terms of impact on inflation expectations," Reddy said.
Meanwhile, the Left is scheduled to meet on Friday to discuss the issue of sky-rocketing commodity prices.
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