Bangalore, Nov 26 (ANI): CPI-M General Secretary Prakash Karat has said the Central Government has failed to curb the price hike of essential commodities because of its wrong policies.

Talking to reporters on the sidelines of a rally organised by CPI (M), CPI and Forward Bloc, here on Wednesday Karat flayed the ruling United Progressive Alliance (UPA) for its inability to curb sky rocketing prices of the essential commodities.

He demanded abolition of forward trading of essential commodities by contending that such speculative moves lead to overall price rise.

“There are many steps which we suggested to curb price rise. If the government takes those steps like banning future (forward) trade in essential commodities. They are refusing to rationalise the petroleum tax structure; we have asked them to reduce the burden of taxes on petroleum products. We have asked them to take firm actions against black marketing and hoarding. If these are done then there will be some relief,” he added.

India’s food prices rose by 13.39 percent in the 12 months as on October 24, highlighting concerns the index could stay high despite government efforts to keep a lid on prices.

Recently, the central government said the wholesale price inflation was 1.51 percent in the 12 months to October 17. (ANI)