RBI Governor warns against hasty rate cut
6 months ago

RBI Governor warns against hasty rate cut

Deccan Chronicle  

Mumbai: With food inflation remaining persistently high, any hasty action will cause more harm than good. The Monetary Policy Committee of the Reserve Bank of India should continue with its disinflationary policy stance to ensure that inflation durably aligns to the target of 4 per cent said the RBI governor Shaktikanta Das while voting for a status quo in policy rates and stance earlier this month, showed the minutes of the policy meeting released on Friday. Several members of the MPC also raised concerns relating to price worries in the coming months owing to exceptionally warm summer months on the output of “certain perishables; a likely rabi production shortfall in some pulses and vegetables – particularly potatoes and onions; and the upward revisions in milk prices, warrant close monitoring.” A normal monsoon may eventually lead to easing of price pressures in key food items. The Consumer Price Index inflation softened to 4.7 per cent in May 2024 – the lowest in the last 12 months, however, food inflation remained unchanged at 7.9 per cent in May. The RBI has hiked policy rates by 250 basis points between May 2022 and February 2023, since then it has kept the repo rate unchanged at 6.5 per cent.

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