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India Insights

Monthly update on India markets
30 June 2022
    Download the full reportPDF, 2.37MB

    Summary

    • Consumer inflation in India has breached the RBI’s upper tolerance level of 6 per cent for 5 months in a row
    • The RBI announced an off-cycle rate hike of 40 basis points in April; and a further 50 basis-point hike when the regular MPC meeting convened in June
    • Food prices have been a major driver of overall inflation, given the category’s large weight (54 per cent) in India’s consumer price index
    • The RBI’s primary focus now is to anchor long-term inflation expectation to safeguard against the threat of run-away inflation, additional rate hikes are expected during the rest of the year