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Governor Shaktikanta Das said food costs, which make up about half of the consumer price basket, will likely ease in coming months, improving the outlook for inflation. Even so, he said the central bank doesn’t want to give up its hard-fought gains to bring inflation under control and policymakers need to remain on guard.
While RBI remains confident of aligning inflation with its 4% target, “there is no room for complacency,” Das said, in the post policy briefing. The central bank’s “focus will be on the near term hump,” his deputy Michael Patra told reporters, adding that adverse weather events and worsening of geopolitical conflicts remain a key risk to prices.“Considering the significant risks that lie ahead of us, it will not be appropriate to specifically talk of timing of rate cut,” Das said.
Inflation is easing in countries from the US to the UK, allowing central banks the world over to recalibrate their monetary policy and begin cutting interest rates. The US Federal Reserve began lowering rates last month and is likely to cut them again in November by a quarter-point.
Shaktikanta Das Reserve Bank Of India India Central Bank Food Inflation Interest Rate
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