National effort needed to check price rise: Anand Sharma

New Delhi, Aug 2 (ANI): Union Commerce and Industry Minister Anand Sharma on Monday said a national effort is needed both by the Centre and State Governments to check the rise in prices.

In reply to a question in the Lok Sabha, Sharma said that price rise is a major issue and it has been reviewed at the highest level.

e also pointed to the need to check hoarding and speculations specially when there are floods in many parts of the country.

Sharma further said the Government regularly monitors the availability of not only pulses and other commodities and timely steps are taken to import adequate quantities.

"Pulses and crude edible oil can be imported without any duty and the refined edible oil at seven and a half percent duty," he added.

Earlier today, the week-long impasse in Parliament over price rise ended with leaders of all parties meeting Finance Minister Pranab Mukherjee and agreeing to compromise formula.The compromise formula includes a resolution, which will be adopted in both houses of Parliament that the text will focus on the impact of the price rise.

The Chair of both houses will introduce resolutions, whereby the Speaker and the Chairman would express concern over the issue. This will then followed by discussion on Tuesday.

The month-long Monsoon session of Parliament, which started on July 26, has not been able to transact any business so far.

Lok Sabha Speaker Meira Kumar had earlier rejected the opposition's demand for a vote on the price rise issue.

Kumar said price rise is a matter of concern and may be discussed in any form other than an adjournment motion. (ANI)