31/03/2008 (Business Spectator, Australia), New Delhi - Indian Trade Minister Kamal Nath said the government was looking to cut duties on food items to rein in rising prices.

"We are looking to cutting our duties on many products on the food front," he said, ahead of a cabinet committee meeting to consider ways to contain prices.

India's annual inflation rate jumped to 6.68 per cent in mid-March, data showed on Friday, the highest since hitting a two-year peak of 6.69 per cent in January last year.

Earlier this month, the government cut the import duty on crude palm oil to 20 per cent from 45 per cent, and on refined palm oil to 27.5 per cent from 52.5 per cent.

Mr Nath did not say what duties would be reduced.

Traders say the duty on soyoil, which now stands at 40 per cent, could be lowered after another government panel meeting expected on Tuesday.