Congress on Monday said that the increasing prices of commodities are not happening in India only but it’s a global phenomenon.

All India Congress Committee (AICC) Media Department Chairman, M Veerappa Moily, told reporters that the party would ask the government to ban future trading in more farm items. It had affected such a ban with regard to some agricultural commodities including wheat.

Moily told that necessary measures are taken to slow down the current inflation and some more steps will be exercised in this regard. He cited the example of China where it is at a 12-year high with a rate of 8.7 per cent for February 2008 as the highest in last 12 years. There is a staggering rise in pork and vegetable prices seen in China.

On a day when the Left parties asked the Government to bring down prices of essential commodities within a fortnight, Moily said that the prices of both the commodities in China have risen by 63.4 per cent and 46 per cent respectively and there has been a sizable increase in the prices of food, fats and oils and grain in low and middle income countries in six months ending February 2008.

When asked whether a meeting of the Congress Working Committee will be held to discuss the issue Moily told that till now no date is fixed but the matter is considered by the Congress President.