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Our Bureau

New Delhi , July 18

The Finance Ministry on Tuesday said that high global crude oil prices were a cause for concern and that the Government would make all efforts to maintain price stability and, thereby, contain inflation.

"It (high oil prices) is a cause for concern. It has wide ramifications," a senior Finance Ministry official told newspersons here. The official also maintained that the rupee was not expected to weaken further.

"We see no pressure", the official said. According to the recently released Government data, inflation in the week to July 1 increased to 4.96 per cent compared to 4.84 per cent a week ago.

Steps taken

In the recent months, the Government had taken up a number of steps to contain price rise in essential commodities, including ban on export of pulses and allowing private sector to import wheat at concessional 5 per cent customs duty. It had also advanced market borrowing to suck out excess liquidity and, thereby, contain inflation.

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