'West Asia unrest a concern'

The recent unrest in West Asia has become a major concern due to the resulting hike in crude oil prices. If the crisis continues, then further hike in the crude oil prices will lead to an increase in petrol product prices and the import bill would go up as well, said C Rangarajan, chairman, Prime Minister's Economic Advisor Council.

Speaking to reporters at a function organised for signing of MoU between the Central University of Tamil Nadu and Madras School of Economics, he said, “If the crude price remains above $100 per barrel, then an action is required."

On food prices, Rangarajan said there was "no reason why food prices should go up again. All indications are vegetable prices are going down. February inflation numbers may not fully reflect fall in vegetable prices. March numbers will reflect it."