By Rupashree Nanda, CNBC-TV18

India enters a period of high uncertainty in food prices warns Abhijeet Sen, while assuring there is no crisis yet.

Prof Abhijeet Sen, Member, Planning Commission said, “Food prices movements in the past 100 years-nothing has been permanent; the experience is that there is no permanence, there are ups and downs-this is the hugest ups I have seen." - A candid admission from none other than a very powerful man who guides many of the economic policies of the UPA government.

Sen, an economist and Senior Member of the Planning Commission is a worried man these days. He doesn't agree there's a food crisis but confesses the situation may have gone out of hand. And he blames worldwide speculation for a major part of the problem.

Prof. Sen said, “There is a concern that speculators are finding it safer to bet on agricultural commodities."

The inflation is now threatening to reach new heights and the government's measures have had little impact on the trend. Latest inflation rates show only a marginal dip in edible oil but the prices

of puleses and cereals are quite high. Even vegetable prices has climbed a steep 10 per cent in the last count.

Prof Sen added, “We are slow to react."

The government is trying to marry its own policies with the measures being taken worldwide to contain inflation. But that has been far from enough. And though Sen doesn't agree, a food shortage is looming large.