RBI Hikes Repo Rate By 50 Basis Points, Retains FY23 Inflation Projection At 6.7 Per Cent
RBI Governor Shaktikanta DasMumbai, Aug 5 (PTI) The RBI on Friday retained its retail inflation forecast for current fiscal year at 6.7 per cent amid geopolitical developments and higher global commodity prices, hoping inflationary pressures to ease further.
In its previous monetary policy review in June, it had projected retail inflation for 2022-23 at 6.7 per cent, up from 5.7 per cent forecast in April.
The RBI raised the benchmark lending repo rate by 50 basis points to 5.40 per cent.
RBI Governor Shaktikanta Das said inflation in second and third quarter of the ongoing fiscal year is expected to remain above the upper tolerance level of 6 per cent.
The central bank aims to keep retail inflation in a band of 2-6 per cent.
(This story has been published from a wire agency feed without any modifications to the text. Only the headline has been changed.)
An Appeal...
Dear Reader,
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.
