Inflation is 'still high': RBI

MUMBAI Mon Feb 11, 2013 12:24pm IST

Reserve Bank of India (RBI) Governor Duvvuri Subbarao smiles after arriving for a quarterly interest rate review briefing at the RBI headquarters in Mumbai January 29, 2013. REUTERS/Vivek Prakash/Files

Reserve Bank of India (RBI) Governor Duvvuri Subbarao smiles after arriving for a quarterly interest rate review briefing at the RBI headquarters in Mumbai January 29, 2013.

Credit: Reuters/Vivek Prakash/Files

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MUMBAI (Reuters) - India's headline inflation at 7.5 percent is "still high", the Reserve Bank of India (RBI) Duvvuri Subbarao said on Monday.

Subbarao, speaking at an academic institution, said inflation was due to a spike in crude oil prices and the government's high fiscal deficit.

The RBI cut rates in late January, but refrained from spelling out further rate cuts due to concerns about the country's current account deficit and inflation flaring again in the later half of 2013.

(Reporting by Shamik Paul; Editing by Prateek Chatterjee)

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