Food Prices Soar in India

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" Food prices have been soaring at an unprecedented pace. Government data shows they have risen to a nearly 20 per cent high over last year - the fastest rate of increase in over a decade.

The spike in prices comes in the wake of lighter than normal monsoon rains, which led to a poor harvest of summer crops such as rice and sugar.

Finance Minister Pranab Mukherjee admits that rising food prices are a matter of concern, and says the government may consider imports to augment supplies of essential commodities."

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