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The Reserve Bank of India increased its repo rate by 50 basis points to 5.4% with immediate effect. Accordingly, the standing deposit facility and marginal standing facility rate were adjusted to 5.15% and 5.65%, respectively.
All members of the Monetary Policy Committee have unanimously voted to increase the repo rate. They also voted unanimously to remain focused on withdrawal of accommodation to ensure that inflation remains within the target while supporting growth. This offers some indication on rate hikes continuing.
According to RBI, headline inflation has recently flattened and the supply outlook is improving, helped by some easing of global supply constraints.
The MPC noted that inflation is projected to remain above the upper tolerance level of 6% through the first three quarters of FY23, entailing the risk of destabilising inflation expectations and triggering second round effects.
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