Global food prices to blame: FM

Finance minister P Chidambaram on Friday blamed high global food prices for the upward spiral in rates of edibles at home, but said inflation was at its lowest in years. 8220;The prices of food articles are slightly higher because of the mis-match between supply and demand8221;, he said. 8220;Global food prices has also increased,8221; he said, pointing to the latest cover story carried by the Economist magazine on the 8220;end of cheap food prices8221;. Chidambaram, however, said that inflation currently is still among the lowest in the last several years. 8220;World food prices has increased and that is why the prices of food articles are slightly elevated.8221;