Contained inflation below 5% in 2014-20; tried to tackle it in pandemic: PM Modi

Contained inflation below 5% in 2014-20; tried to tackle it in pandemic: PM Modi
Despite Covid, we ensured inflation did not go out of control, PM Modi said in Lok Sabha.

Prime Minister Narendra Modi on Monday hit out at Opposition over country's consumer inflation rate in the Parliament saying that it would've been better if they have raised that matter while their govt was in power.

Replying to the debate in Lok Sabha on government policies, PM Modi said that during 2014-2020 period the inflation rate was below 5 per cent, adding, "Despite Covid, we ensured inflation did not go out of control."

Targeting Congress, Modi added that India had to face double-digit inflation during UPA years and government had then admitted it can't rein in inflation.

"Had Congress been in power today, it would have blamed Covid for rising inflation and moved ahead," he alleged.

He also stated that Congress' P Chidambaram is writing articles on economy in the newspapers these days. In 2012, he said that public not troubled when they've to spend Rs 15 on a water bottle and Rs 20 on ice cream but the public can't tolerate when Re 1 increase in prices of wheat and rice.

Meanwhile, India's consumer price index (CPI) or retail inflation has shot up to 5.59 per cent in December month as compared to 4.91 per cent in the month of November 2021.

The big jump in the December month is following a flight path of the Reserve Bank of India (RBI), which has forecasted a peak in the fourth quarter (January -March) of 2021-22. 

The central bank actually believes that inflation will soften thereafter.