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Wed, Nov 21, 2018 | Last Updated 7:06 pm IST

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RBI pegged retail inflation at 4.8% for second half of current fiscal

RBI pegged retail inflation at 4.8% for second half of current fiscal
RBI pegged retail inflation at 4.8% for second half of current fiscal
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According to sources from Mumbai, Reserve Bank of India for the second time in two-month raised interest rate by 0.25% on inflationary concerns and the central bank in its third bi-monthly policy of the current fiscal raised benchmark repo, or the short term rate at which it lends to other banks, by 0.25% to 6.5%. Meanwhile the 6 member Monetary Policy Committee (MPC) headed by RBI Governor Urjit Patel kept its stance at neutral.



Previously for July-September, it pegged CPI-based retail inflation at 4.2% which it saw firming up to 4.8% in the second half of the current fiscal and currently the projected inflation rate is above its targeted comfort level of 4%. Furthermore RBI kept the GDP forecast for the current fiscal unchanged at 7.4% and saw it at 7.5-7.6% in the second half of the current fiscal. For the July-September quarter, it has projected inflation to be at 4.6%.

RBI pegged retail inflation at 4.8% for second half of current fiscal

Moreover RBI made the projections in its third monetary policy review for the current fiscal and the retail inflation has been projected to rise further to 5% in the first quarter of next financial year 2019-20. Firstly, the central government has decided to fix the minimum support prices (MSPs) of at least 150% of the cost of production for all kharif crops for the sowing season of 2018-19.

RBI pegged retail inflation at 4.8% for second half of current fiscal

RBI pegged retail inflation at 4.8% for second half of current fiscal
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