India Expressed Confidence That a Low and Stable Inflation Rate Would Be Soon Attained

Indian Finance Minister Arun Jaitley has expressed confidence that a low and stable inflation rate would be soon attained.

Reacting to the data released for Wholesale Price Index (WPI) and consumer price inflation for September 2014, Mr. Jaitley said, “It is heartening to note that we have been able to bring food inflation under control. Growth in vegetable and protein prices that have been contributing to the recent increase in inflation rates have shrunk thanks to the steps taken by the Government.”

According to the latest data, the WPI for September stood at 2.38 percent and inflation fell to a 5 year low. Likewise, consumer price inflation declined to 6.46 percent.

“We are committed to continuing reforms in food markets that will improve supply responses and keep inflation low and stable. At the same time, fiscal consolidation and a new monetary policy framework will help bring down inflationary expectations,” Mr. Jaitley said.