Higher food prices likely nudged up India's annual retail inflation last month from a 12-month low in December, but it stayed within the Reserve Bank of India's targeted range for a third consecutive month, a Reuters poll of economists predicted.
"Food inflation, particularly of vegetables, has continued to come down, but the rate of decline has moderated. Wheat prices have remained high. Some other food categories such as milk and eggs are also expected to remain high for the month of January," said Sakshi Gupta, principal economist at HDFC Bank.
The RBI, for its part, increased its key repo rate by one quarter percentage point on Wednesday. Prior to the meeting it was expected to be its last hike, but the RBI caught markets off guard by hinting more rate increases were possible.
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