Govt conscious to inflation situation: P K Bansal

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New Delhi, June 3 (UNI) With soaring inflation rates, the government today said it remains committed to solving the issue and will take further measures if required.

''The government is conscious of the situation and if required, we would take steps to contain inflation,'' Minister of State for Finance P K Bansal said on the sidelines of a function here.

Inflation for the week ended May 17 stood at 8.1 per cent against 7.82 in the previous week. During the UPA regime, the highest inflation, as per provisional figures, was 8.33 per cent in the week ended August 28, 2004.

Mr Bansal said the government is ''alive to the situation'' and has taken steps, both fiscal as well as administrative, to bring down the rate of rising prices.

The government has already unveiled numerous measures to tame price rise like slashing import duty on edibles oils and banning export of non-basmati rice.

It has also banned export of skimmed milk powder and goaded steel and asked cement manufacturers to cut and hold prices.

These measures hold significance, specially in an election year.

Previously, governments have had to bear the brunt of rising prices of articles during elections significantly.

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