Rising prices remain matter of deep concern: PM

Prime Minister Manmohan Singh on Monday said that rising prices continue to be a matter of deep concern for his government.

"The government attaches the highest priority to containing inflation so that there is no distress to the common man. As a result of the steps we have taken, there are signs of prices showing a moderating trend," Singh said on the occasion of completion of one year of the UPA Government in its second term.

"We will closely monitor the situation and, together with state governments, take all corrective steps to bring down prices and protect the vulnerable sections of our society from the impact of high prices," he said in his opening remarks to the media on Monday.

He also said that the government's first priority was to protect the economy from the global slowdown and ensure that the momentum of inclusive growth did not get interrupted.

"I leave it to you to judge how well we have done on this count. Our annual growth rate had averaged nine per cent for four years before the crisis. It reduced to 6.5 per cent in 2008-09 but recovered to 7.2 per cent in 2009-10," the Prime Minister said.

"We expect 8.5 per cent growth in this financial year. This is widely regarded as one of the best performances among the larger economies of the world," he added.