The Finance Minister Mr. Pranab Mukherjee has said there is need for setting up a mechanism to take active measures in the face of sudden increase in food prices. He said in New Delhi that there is the risk of inflationary pressure spilling over to core sectors of economy from the high food and oil prices . The Minister underlined the need to review the present system of monitoring wholesale and retail prices of essential commodities. The Inter Ministerial Group set up by the government to suggest an institutional mechanism in the face of warning signals with regard to agricultural production held a meeting in New Delhi yesterday and reviewed the situation. The Group headed by Chief Economic Adviser in the Finance Ministry Kaushik Basu was set up in the wake of high inflation rate of eight percent that the country is facing for over a year now. Food inflation which rose to 18 percent in December last has however come down to 13.07 percent by the end of January.