MUMBAI 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)
Trending On Reuters
India gathered momentum from January to March to extend its lead as the world's fastest growing large economy, helping Prime Minister Narendra Modi craft an impressive sales pitch for meetings with investors in the United States next week. Full Article