Finance Minister Arun Jaitley reportedly said there is "no panic situation" and asked the states to take measures to crackdown on hoarding and black marketing to rein in prices.
"When production of food items is higher than last year and still prices rise, then it means that intermediaries are keeping the stock somewhere," Jaitley was quoted as saying.
Jaitley said "There are reports of below normal monsoon this year."
"Prices of some items had touched Rs 70-100 per kg last year. Prices are still lower this year. There is no panic situation," reports Jaitley.
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