Kannur, Apr 20: Terming the current inflation in the country as largely imported, Finance Minister Palaniappan Chidambaram on Sunday said "no Prime Minister or Finance Minister can ever roll back prices of essential imported goods". The general price rise is largely due to costly imports of essential commodities and the Centre is taking firm steps to contain it through administrative and monetary measures, he said.

He pointed out that prices of crude oil, 75 per cent of which is imported by India, had gone up from 37 dollars a barrel in 2004 to touch the 115 dollar mark while that of all other imported goods like palm oil and metals have multiplied. "The prevailing general price rise could be attributed to imported inflation", Chidambaram said.

"We can control prices of some goods but no Prime Minister or finance minister can ever roll back prices of essential imported goods," he said at a seminar titled "Vision Kannur- 2020', hosted by the district Congress Committee here. He said 'inflationary expectations' had also driven the price rise, triggering a steep increase in prices of construction material, including cement and steel.