The meeting is to draw up a formula for ending the stalemate in both Houses after the opposition stuck to their demand on discussion under a rule that entails voting.
However, the government has staunchly opposed the voting applications by the Opponents.
Leader of the opposition Sushma Swaraj, Janata Dal(U) president Sharad Yadav, Samajwadi Party leader Mulayam Singh Yadav, CPM leader Basudeb Acharia, RJD president Lalu Prasad Yadav and others are invited for the meeting.
BJP leader SS Ahluwalia said that the party would be deliberating on the issue at a meeting on Aug 1.
Opposition had been so far insisting a discussion under a rule that entails voting in a bid to censure the government on high prices.
Though Lok Sabha speaker Meira Kumar had rejected the notices of an adjournment motion on the issue.
She also claimed that the price rise issue does not involve "failure" of the government in its constitutional duties.