The Reserve Bank of India (RBI)'s six-member Monetary Policy Committee (MPC) is expected to maintain a status quo for the ninth consecutive policy review, all 10 respondents said in a Business Standard poll. The RBI will announce the policy decisions on August 8.
After increasing the repo rate by 250 basis points (bps) to 6.5 percent between May 2022 and February 2023, the MPC kept the repo rate unchanged in the previous eight policy reviews.
Gaura Sen Gupta, chief economist at IDFC First Bank, said the tone of the policy would be cautious on food inflation risks.
"Food inflation pressures remain elevated due to adverse weather patterns heatwave conditions during the summer months and a slow start to the monsoon in June. Daily food prices indicate that retail prices remained elevated in July with supplies of perishables such as vegetables disrupted."
On the positive front, she said, core inflation remains historically low, reflecting no generalisation of price pressures.
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