Multi-pronged strategy to check inflation: PM

New Delhi, Feb 15 (UNI) Prime Minister Manmohan Singh today said the cut in oil prices was part of a multi-pronged strategy to rein in the spiralling inflation.

The government has also taken several other steps after the Reserve Bank of India yesterday announced measures to curb the flow of money, Dr Singh told reporters after his talks with Italian Prime Minister Romano Prodi.

Earlier in the day, Petroleum Minister Murli Deora had announced the government decision to reduce the retail price of petrol by two rupees a litre and that of diesel by one rupee a litre effective from tonight.

Dr Singh said the UPA government was determined to check the prices of essential commodities.

Despite several measures taken by the RBI to control rising prices, the headline inflation rate moved up to 6.73 per cent for the week ended February 3, from 6.58 per cent during the previous week.

The rise was attributed mainly to higher food and manufactured product prices, official data released today showed.

UNI