Finance Minister P Chidambaram recently said that rise in global food and commodities prices has affected India badly too. He also criticised lack of adequate regulations in the US sub-prime market, which has caused global financial uncertainties.

He said the demand for staple food was on the rise, leading to higher prices, but diverting food for fuel had also contributed to increase in food prices.

However, Chidambaram's detractors -- inclduing the National Democratic Alliance allies and the Left parties -- have a different story to tell. According to them, the price rise is a direct fallout of the following factors:

Image: Parimal Nathwani, group president of corporate affairs, Reliance Industries, arranges produce on the shelves of a Reliance Fresh store in Ahmedabad. | Photograph: Sam Panthaky/AFP/Getty Images