RBI chief Rajan: Not much room for monetary accommodation

KOLKATA, India Thu Dec 12, 2013 7:21pm IST

Reserve Bank of India (RBI) Governor Raghuram Rajan attends Delhi Economics Conclave 2013 in New Delhi December 11, 2013. REUTERS/Adnan Abidi

Reserve Bank of India (RBI) Governor Raghuram Rajan attends Delhi Economics Conclave 2013 in New Delhi December 11, 2013.

Credit: Reuters/Adnan Abidi

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KOLKATA, India (Reuters) - Reserve Bank of India (RBI) Governor Raghuram Rajan said on Thursday there was not much room to indulge in monetary policy accommodation, given inflation was high.

The RBI needed to break the back of inflation, but it would need to be careful given growth was weak, he added.

The governor was addressing bankers in Kolkata.

Rajan's remarks come after data earlier showed sharply higher food prices drove India's annual consumer price inflation to a higher-than-expected 11.24 percent in November from 10.17 percent in October.

(Reporting by Suvashree Dey Choudhury; Editing by Sunil Nair)

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