The government has taken several steps to tame inflation, including supply-side measures such as releasing substantial cereal stocks from reserves, proactive import-export management of pulses to ensure supplies and restriction of exports of rice and sugar, finance secretary T.V. Somanathan said.
The government is open to using trade policy measures, as and when required, to curb inflationary pressures further, Somanathan said. Trade policy measures could include restricting imports and exports to address domestic supplies.
India’s retail inflation accelerated to a 15-month high of 7.44% in July as food and vegetable prices surged, breaching the Reserve Bank of India’s (RBI) inflation target range for the first time since February. Higher inflation will add pressure on RBI’s monetary policy committee (MPC) to increase rates. Last week, the panel opted to keep the repo rate unchanged at 6.50% for the third consecutive time.
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