It is edifying to note that the rising prices of daily provisions are not in the category of goods which have been taxed in the budget. In other words, the price hikes we are witnessing happen to be artificial bearing no relation to the fiscal measures contained in the budget. Even before the budget got operational, the prices were jacked up through speculative trading, fuelled earlier on by an increase in the government pay scales. Now comes the rain; all concerned beware of another price spasm!

The government ought to exercise levers against the price manipulators but it is seemingly capitulating to them. The natural question to ask would be: is it deliberately shutting eyes to what's happening lest there is a political cost to it, or is it a reflection of poor market intelligence? It is both, some discerning observers are apt to say. Any government worth the salt knows that skyrocketing prices would only reduce its popularity. So, if any political costing is to be done about higher prices it has to favour the general people rather than any coterie of businessmen, importers or wholesalers.

Customarily, when prices are jacked up, percentages of hikes against a benchmark would be worked out, causes, both natural and man-made are surmised, commerce ministry would hold series of meetings, businessmen have a taste of tough talk, they are asked to put up price-lists, ministers get photo-op as they visit market places. The charade goes on with inter-ministerial meetings and despatch lawmen to the bazars. Prices don't come down.

Such symbolic acts are a wee bit more than playing to the gallery. It is time a composite approach were adopted to hold the price line on a sustainable basis. Frankly, CPD executive director Debapriya Bhattacharya's recipe finds a responsive chord in us.

It is for the commerce ministry to have the figures for imported stuffs, commodities produced, stocks and demands so that supplies and prices are co-related and monitored and the price line is held in the end.

Overall, market management requires an effective role on the part of the finance ministry in regulating inflation.