ADB meet:India for global approach to curb inflation

Hanoi: Compelled to sacrifice growth for curbing inflation, India today pressed for a global strategy to deal with the problem triggered by volatile capital flows into emerging economies, fuelling energy and food prices.
The point was put forth by India’s Finance Minister Pranab Mukherjee during his interventions in the annual session of the Asian Development Bank (ADB) and other meetings at the Vietnamese capital.
“Price volatility now appears to be on the way to becoming a long-term and a global phenomenon,” he said at the ADB Governors’ Roundtable.
According to a UN-ESCAP study released today, due to high food and energy prices, 42 million additional people across Asia and Pacific may remain in poverty in 2011, in addition to 19 million already affected in 2010.
Mukherjee blamed developed countries for causing inflation in the developing nations.