-- India’s central bank left its benchmark interest rate unchanged as expected, with policymakers worrying that high food prices will continue to keep inflation above its target.The 5 Coastal States That Face the Most Devastating Flood Risk
There’s growing debate about the weighting of food in the consumer price index and whether the RBI should target an inflation measure that excludes food. A government panel tasked with revising the nation’s CPI is currently considering reducing the weighting of food by as much as 8 percentage points, Bloomberg News reported this week, a move that could bring down the headline inflation rate.
India’s bonds fell as RBI remained hawkish on inflation, with the 10-year yield rising as much as three basis points to 6.89%, while the rupee was little changed. The benchmark NSE Nifty 50 Index fell 0.3%.“The Reserve Bank of India’s decision to maintain the status quo on the policy rate and keep its hawkish stance ignores the heaping evidence in favor of a need for monetary easing.
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