Food prices will come down soon: Chidambaram

Bangalore, May 2: Union Finance Minister P Chidambaram today said food prices, which had seen a steep rise in recent months due to high inflation, will come down sooner than prices of other items.

Speaking to reporters on the sidelines of a function here, he said the Government had initiated various steps to contain the inflation rate and bring down the food prices. The inflation rate for the week, ended April 19, surged to a three-and-a-half-year high of 7.57 per cent, compared to 7.33 per cent in the previous week. Mr Chidambaram said the Government had procured 154 lakh tonnes of wheat as of yesterday, as against the target of 150 lakh tonnes.

Last year, only 111 lakh tonnes were procured. The Government had procured 230 lakh tonnes of rice also.

''Therefore, food prices will come down sooner and the prices of other products, including manufactured products, will be contained and we will take steps in this regard. I sympathise with the people.

I request them to be patient and have faith in us,'' he said.

UNI