Congress Party leader Jagdambika Pal on Tuesday remained optimistic about the curbing of inflation in the country, and said the recent trend of the strengthening rupee gives hope that key commodity prices will decline.
"You are absolutely right that there is inflation in prices of key commodities. Only yesterday, I was talking to the Chairman of Indian Oil, who explained to me that at this time we have to purchase in the international market rate at USD 115 per barrel of crude oil. The rise in prices of petroleum products have, no doubt, brought forth tough times for the people," Pal said.
"However, we hope that the rupee strengthens as it is doing right now, and with it the price of petrol and petrol products comes down," he added.
Pal also commented on food inflation, which hit a three-year high after food prices rose over 18 percent in the month of August, and said that he was hopeful that prices would come down soon following constructive measures taken to curb the problem.
"Definitely, food inflation has gone up. However, if you look, this month every year sees a scarcity of onions, but we have been able to control the prices and import the product from other areas," Pal said.
"We are hoping that this is the maximum inflation. Now, as soon as the onions come into the market, food inflation will also be curbed significantly," he added.
Inflation in the country touched its six-month high last month, which saw a 245 percent annual hike in onion prices.