The parties, which provide crucial outside support to the Congress-led dispensation, alleged that the government has surrendered itself to market speculators.
Amid fears that inflation may cross double digit mark in the coming days, CPI(M) senior leader Nilotpal Basu said the country's economic scenario was "very, very critical" and that only a paradigm shift in policies would help.
"The price rise is primarily due to weakening of the public distribution system and policies regarding to food economy. The government is dancing to the tunes of market speculators and public stock brokers," Basu told PTI.
"We don't think the government is taking earnest steps to control the situation. There are only half-hearted and incomplete measures," he said.
Basu, a CPI(M) Central Committee member, said the "neo-liberal" economic policies pursued by the government was the cause for the present economic crisis.