New Delhi: Expressing concern over rising prices, Prime Minister Manmohan Singh said today (Sep 4, 2004) that his Government will be able to "gain mastery" over inflationary management.

The Prime Minister said that the country has "adequate foodgrains to take care of inflation."

He said the recent rise in inflation was due to fears of drought in some parts of the country and floods in others.

Besides, there was global hardening of petroleum prices, and overhang of the excess liquidity in the economy also had a role to play in the rising inflation.

The Prime Minister's optimism on reining in inflation comes in the backdrop of the United Progressive Alliance's Government's Common Minimum Programme that asserted the prices of essential commodities would be kept under check.