The meeting follows Congress Working Committee (CWC) deliberations on price rise on Friday during which party members are believed to have expressed concern over surging inflation and suggested that government should take steps to contain it.
Earlier in the week, Singh had discussed the issue with the state chief secretaries and impressed upon them the need to improve public distribution system and increase farm productivity.
The Prime Minister, in his meeting with chief ministers, will discuss food price situation and review implementation of the Essential Commodities Act to check hoarding of food items.
He is also likely to ask states to fully utilise their allocations of cereals under the PDS as well as open market sale scheme.
Driven by rising prices of pulses and vegetables, food inflation soared to a decade's high of about 20 per cent in December before declining a bit to 17.56 per cent in January.
The wholesale price-based general inflation, from sub-zero level last year, crossed 7 per cent in December and is estimated to climb to 8.5 per cent by March.
While identifying prices of pulses, sugar, potato and onion as major areas of concern, the CCP on January 21 made an ad hoc allocation of 10 kg of foodgrains to all ration card holders per month over and above the existing quota.
The CPP also suggested that state governments should play a more active role in containing prices through effective dehoarding operations and use official agencies like the State Civil Supplies Corporations to distribute articles directly to consumers.
Earlier in the day, the CWC under the chairmanship of party President Sonia Gandhi, took stock of the price situation and is believed to have asked the government to take steps to contain inflation.
Among others, the CWC meeting was attended by Prime Minister Manmohan Singh, Finance Minister Pranab Mukherjee, Defence Minister A K Antony, Health Minister Ghulam Nabi Azad and party general secretaries.
Price rise in recent months has led to a veiled attack on Agriculture Minister Sharad Pawar with Congress leaders saying that not enough was being done on this front by the NCP leader.
The Congress President in a letter to party workers recently had said the issue of price rise was one of the highest concerns and she had taken up the issue with the Prime Minister.