Inflation Bites-Govt Sets Up New Panel To Monitor Prices

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The Government on Thursday decided to set up a committee to monitor movements in steel and raw material prices, indicating a tough stance on an issue that has taken centre stage with inflation touching a worrisome level.

Manufacturers, however, said prices of steel would unlikely fall as they had fewer options than passing on the rising costs of raw materials, such as iron ore and coke, to consumers.

JSW steel, Uttam Galva Steels, Ispat Industries have already raised prices by 15 to 20 percent. Read more

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Tags: food price index, inflation rate, mehngai, price hike, steel prices