(repeating with changes in para one and two)

New Delhi, Jan 10 (UNI) A day after the government said 'worrying' inflation had upset the budget of the common man, the Left parties today sought its intervention to contain price-rise and charged it with 'encouraging' forward trading.

They also criticised the government for its failure to contain hoarding and its reluctance to invest in infrastucture.

The CPI, CPI(M) and Forward Bloc, however, were happy with the government's indication to reduce prices of petroleum products, saying this was a long standing demand of the Left.

The Left parties' remarks came after Finance Minister P Chidambaram blamed a section of the industry, largely the manufaucturing sector, for ''artifically'' hiking prices despite a declining trend in the cost of primary items and fuel products.

The rate of inflation stood at 5.48 per cent in the week ending on December 23.

Talking to UNI, CPI General Secretary A B Bardhan observed ''the Finance Minister has awakened very late. The inflationary trend has been visible for quite some time.'' Mr Bardhan said the prices of almost all essential commodities had been rising for the last one year and that it is the result of government's 'pro-rich and anti-poor policies'.

CPI(M) senior leader and polit bureau member M K Pandhe said the government's ''encouragement'' to forward trading was the main reason behind inflationary trend. ''The government has not taken any step to stop the same. Instead the banks are giving credit for forward trading.'' The traders and hoarders were making good use of government's policy in a way that they get loans from the banks, made purchases, store them and sell in the market for huge profits.

CPI National Secretary Shamim Faizi said forward trading had killed both farmers and consumers. ''The undercurrent of inflation that was hidden by the manipulaiton of the Whole-Price Index, had reduced the purchasing power of the people.'' Mr Faizi, editor of the party mouthpiece 'New Age' said the salaried class might have been compensated through increase in DA, but vast majority of the poor people had suffered the most. ''Just balming the industrialists will not suffice.'' The CPI leaders said the government would have to review the entire economic scenario and take correct measures to bring down the prices and contain inflation.

Forward Bloc National Secretary G Devrajan said the rise in inflation was a matter of grave concern. The government and the Planning Commission must not sit idle. ''The government must intervene,'' he added.

On Mr Chidambaram's observation that much investment was not coming in the field of infrastructure, the Left leaders said it was not only the decline in that sector alone... public and private investment was not forthcoming in agriculture and social sectors.

While Mr Faizi said it had led to distortion of economic development, Mr Pandhe said the UPA government was out to protect the interest of the industrialists and corporate sectors. It knew very well that the gestation period was high in the infrastructure sector, they added.

The Left parties said they had been demanding that the prices be lowered as they had a cascading effect on prices of other commodities.

When the prices of these items are going down in international market, the onus now is on the UPA government to further bring these down, Mr Faizi added.

UNI