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RBI guv highlighted the need for a vigilant approach towards food price inflation, given the elevated levels of food inflation currently observed

RBI MPC decision: Need to monitor food Inflation; expects normal monsoon

RBI guv highlighted the need for a vigilant approach towards food price inflation, given the elevated levels of food inflation currently observed

The Reserve Bank of India or RBI has decided to maintain the policy rate for the eighth consecutive time, citing ongoing concerns about inflation.
Speaking on Inflation, Governor Das emphasized the central bank's commitment to aligning inflation to 4 percent on a durable basis, noting the government's mandate to keep CPI inflation at 4 percent, with a 2 percent margin on either side.
Also read/watch -<a title=" RBI Credit Policy: Repo rate unchanged at 6.5% for 8th time in a row " href="https://www.editorji.com/business-news/rbi-credit-policy-repo-rate-unchanged-at-6-5-for-8th-time-in-a-row-1717734901683"> RBI Credit Policy: Repo rate unchanged at 6.5% for 8th time in a row</a>
Assuming a normal monsoon, the RBI expects inflation to be 4.5 percent for the current fiscal year, with risks evenly balanced.
He highlighted the need for a vigilant approach towards food price inflation, given the elevated levels of food inflation currently observed.
Meanwhile, the soaring prices of vegetables have pushed up the average cost of a vegetarian thali by 9% to 27.8 rupees in May, from 25.5 rupees last year, as per the report by CRISIL.

The Reserve Bank of India has increased the key repo rate by 25 basis points to 6.5%. GDP growth projected at 6.4% for 2023-24 and the central bank will continue to keep a strong vigil on inflation. 

Highlights of RBI's monetary policy statement

The Reserve Bank of India has increased the key repo rate by 25 basis points to 6.5%. GDP growth projected at 6.4% for 2023-24 and the central bank will continue to keep a strong vigil on inflation.&nbsp;

Get ready to pay more for your loan EMIs. The Reserve Bank of India has hiked the key repo rate by 0.25% to 6.5%. This is the 6th rate hike by the central bank since May 2022. The RBI governor said that the impact of the rate hikes are still working their way through the system. Here are the key highlights of the governor&rsquo;s speech. INDIAN ECONOMIC OUTLOOK The Indian economy remains resilient. Sustained urban and rural demand, govt&rsquo;s thrust on capital expenditure among other things should sustain economic activity. In fact, several high frequency indicators point towards strengthening of activity. However, a weak external demand and uncertain global scenario could be a drag on India&rsquo;s growth. GDP growth for 2023-24 has been projected at 6.4%. ON INFLATION The governor pointed out that core inflation is sticky and that remains a matter of concern. The RBI will remain unwavering in the commitment to bring down inflation. Inflation is projected at 6.5% for 2022-23 and at 5.3% for 2023-24. From the governor&rsquo;s comments, it&rsquo;s clear that another rate hike has not been ruled out. The RBI will &ldquo;weigh all incoming data and forecasts to determine appropriate action and policy state going forward&rdquo;.
ON THE RUPEE The RBI governor highlighted that the Indian rupee was one of the least volatile currencies among other Asian currencies. He also pointed out that the depreciation and volatility of the Rupee is much lower than during the global financial crisis. GLOBAL OUTLOOK On the global scenario, the RBI governor said that things do not look as grim as they did a few months ago, however a high degree of uncertainty remains. Inflation, although has eased, still remains above the target in major economies.

In its December monetary policy review, the central bank had raised the key benchmark interest rate (repo) by 35 basis points (bps) after delivering three back-to-back increases of 50 bps.

RBI likely to settle for 25 basis points repo rate hike this time: experts

In its December monetary policy review, the central bank had raised the key benchmark interest rate (repo) by 35 basis points (bps) after delivering three back-to-back increases of 50 bps.

With retail inflation showing signs of softening and the US Fed moderating the pace of increase in its benchmark interest rate, the Reserve Bank is likely to settle for a smaller 25 basis points repo rate hike in its forthcoming bi-monthly monetary policy due later this week.
In its December monetary policy review, the central bank had raised the key benchmark interest rate (repo) by 35 basis points (bps) after delivering three back-to-back increases of 50 bps.
Since May last year, the Reserve Bank has increased the short-term lending rate by 225 basis points to contain inflation, mostly driven by external factors, especially global supply chain disruption following the Russia-Ukraine war outbreak.
RBI's rate-setting panel - Monetary Policy Committee (MPC) - will start its three-day deliberations on the next set of monetary policy on Monday. The decision will be announced on February 8.
Kotak Institutional Equities in a report said the global inflation environment is gradually turning benign although inflation is still well above every central bank's target. Inflation will likely moderate further in the next few months, leading to the end of the rate hiking cycle by first half of 2023 and possible rate cuts in late-2023/early-2024.
Also watch: <a href="https://www.editorji.com/business-news/don-t-see-systemic-risk-to-financial-system-uday-kotak-on-adani-hindenburg-row-1675668497829">Don't see systemic risk to financial system: Uday Kotak on Adani-Hindenburg row</a>
"However, given large global uncertainties, central banks' levers for supporting growth through monetary easing remain limited, thereby risking higher rates for an extended period.
"We expect the RBI MPC to hike policy rate by 25 bps to 6.5 per cent, followed by a prolonged wait-and-watch approach, as it assesses the lagged impact of monetary tightening on growth and inflation," it said.
The RBI has been tasked to ensure that retail inflation remains at 4 per cent with a margin of 2 per cent. However, it failed to keep the inflation rate below six per cent for three consecutive quarters beginning January 2022.
However, the retail inflation based on the Consumer Price Index (CPI) has shown signs of moderation in November and December as it fell below the RBI's upper tolerance level of 6 per cent.

RBI lowers GDP growth projection, hikes repo rate

&nbsp;RBI has&nbsp;maintained policy stance at &lsquo;withdrawal of accommodation&rsquo;

Making it the 5th tiime in a row, the RBI&rsquo;s Monetary Policy Committee on Wednesday raised the repo rate by 35 basis points (bps) to 6.25 per cent with immediate effect, making loans expensive. The policy rate is now at the highest level since August 2018. The RBI has maintained policy stance at &lsquo;withdrawal of accommodation&rsquo;.
The RBI lowered FY23 GDP growth forecast to 6.8 per cent from 7 per cent earlier. The central bank has, however, retained its retail inflation projection for FY23 at 6.7 per cent.&nbsp;
This is the fifth consecutive repo rate hike this year. With this latest hike, the RBI&rsquo;s rate-setting panel has raised the key policy rate by 225 basis points this year in total, in order to control inflation. The repo rate is the interest rate at which the RBI lends to the commercial bank.

rbi hike repo rate

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