"The process is on to control the price rise. I am hopeful that the prices of essential items will be in control soon," Finance Minister Pranab Mukherjee said after receiving the Indira Gandhi Gold Plaque at the Asiatic Society here.

"There is an imbalance between the demand and supply and the Centre has taken notice of it. Some people were taking advantage. The government has taken the initiative to increase the supply line so that there is a balance with the demand ratio," he added said.

He said that a committee has been formed and the price situation was being reviewed. PTI