Inflation is unacceptable and uncomfortably high, RBI chief says: Minutes

Inflation is

The RBI Governor has proposed a 50 basis point hike in the repo rate.

Mumbai:

RBI Governor Shaktikanta Das said retail price inflation was ‘unacceptably and uncomfortably’ high and proposed a 50 basis point hike in the repo rate during the recent policy review meeting monetary.

Other members of the Monetary Policy Committee (MPC) had expressed similar views, according to minutes of the meeting released by the Reserve Bank of India (RBI) on Friday.

During its meeting from August 3 to 5, the MPC decided to increase the key rate by 50 basis points to 5.40% in order to control inflation.

The sequence of policy measures, Das said, “should bolster the credibility of monetary policy and anchor inflation expectations.”

“Our actions would continue to be calibrated, measured and nimble to the dynamics of inflation and economic activity,” he said.

According to RBI Deputy Governor Michael Debabrata Patra, frontloading monetary policy measures “can keep inflation expectations firmly anchored, realign inflation on target and reduce the medium-term growth sacrifice as that it is programmed in the current recovery”.

(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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