Finance Minister Arun Jaitley says food inflation under control, promises reform

India has brought inflation under control and is committed to food market reform to achieve low and stable price rises, Finance Minister Arun Jaitley on Tuesday after wholesale inflation dropped to a near five-year low.

Wholesale prices rose 2.38 per cent on year in September, its slowest pace since October 2009, as food inflation dropped to a near three-year low.

Tuesday's data came a day after consumer price inflation, which the RBI tracks to set policy lending rates, dropped sharply to 6.46 per cent in September, the lowest since the latest data series started in January 2012.

Jaitley said a new monetary policy framework and fiscal consolidation will also help bring down inflationary expectations.

(Reuters)