Last Update: February 22, 2023, 19:20 IST
Reserve Bank of India Governor Shaktikanta Das (file photo)
Reserve Bank of India Governor Shaktikanta Das noted that there is considerable uncertainty due to several global factors such as rising prices of non-oil commodities.
During the Monetary Policy Committee meeting held on February 8, Reserve Bank Deputy Governor Michael Debabrata Patra said that the ongoing global uncertainty has complicated the fight against inflation.
According to the minutes of the MPC meeting released on Wednesday, RBI Governor Shaktikanta Das also noted that there is considerable uncertainty due to global factors such as a rise in non-oil commodity prices.
The RBI on February 8 raised the key short-term lending rate by 25 basis points to 6.5 per cent, citing sticky core inflation. This was the sixth interest rate hike by the Reserve Bank India (RBI) since May last year, taking the total quantum of increase to 250 basis points.
“The fight against inflation is complicated from a global perspective. Some consensus is building around a milder slowdown than previously feared, although geographic disparities complicate forecasts. Be that as it may, the outlook for global inflation remains uncertain. is becoming more uncertain than before,” Patra said as per the minutes of the Monetary Policy Committee (MPC).
Das, who heads the six-member MPC, also said that overall geopolitical tensions, volatility in the global financial market, rising non-oil commodity prices, volatility in crude oil prices at this stage There is a lot of uncertainty. Meteorological events.
He also said that the 25 basis points rate hike provides room to calibrate the stance based on future monetary policy actions and macroeconomic conditions.
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(This story has not been edited by News18 staff and is published from a syndicated news agency feed)