Inflation is 'still high': RBI
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)
- Tweet this
- Share this
- Digg this
- Justin Bieber apologizes after Japan shrine visit sparks Asian anger
- NYPD Twitter campaign backfires, thousands of negative tweets
- Led Zeppelin is back with 'Whole Lotta' unreleased tunes
- South Asia monsoon seen below-average to average in 2014 - WMO
- Children's corpses reveal desperate attempts to escape Korean ferry
India and its South Asian neighbours are expected to see below average to average rains this year if the El Nino weather pattern gains strength during the four-month monsoon season, a forum of weather experts said. Read