New Delhi: With Assembly elections in five states, including politically crucial Uttar Pradesh, approaching closer, the Central government is gearing up to curb spiraling price rise.

In a bid to insulate Congress’ political fortunes in the assembly polls, the UPA government has geared up in finding solutions to skyrocketing inflation.

According to the reliable sources, Prime Minister Manmohan Singh on Saturday called an informal meeting of economic advisors and senior officials to discuss various measures to control inflation.

The meeting was attended by Reserve Bank Governor D Subbarao, Planning Commission Deputy Chairman Montek Singh Ahluwalia and PMEAC Chairman C Rangarajan, besides some other senior officials.

In an effort to tame price rise, the Reserve Bank of India has already increased the key interest rates 12 times since June 2010.

Moreover, the RBI has given clear indications that it can compromise with the slow growth rate in order to put inflation under check.

In the coming days, RBI may continue with tightening its monetary policy in view of the inflation reaching double digit, which is much above the comfort zone.

The government aims at bringing down the inflation rate at 7-8 percent before the start of next financial year.

The rate of inflation stood at 9.72 percent in September this year with food, petroleum and manufacturing products becoming dearer.

The GDP grew by 7.7 percent in the first quarter registering the slowest growth in last 18 months, against 8.8 percent in the same period of the previous fiscal year.

Industrial output also remained passive for the second consecutive month in August, registering a growth of mere 4.1 percent.