RBI's Reddy sees demand pressure build up

Central Banking staff
27 Oct 2005

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Reserve Bank of India governor Yaga Venugopal Reddy said on Wednesday 26 October that price pressures were building up in the country which is expected to grow 7.0-7.5 percent by March 2006.

"There is dominant supply side pressure, but demand-side pressure is not too weak either," Reddy told reporters. He said the central bank's inflation forecast of 5.0-5.5 percent by March 2006 factored in crude oil prices at $60 a barrel.

Reddy said there were expectations that the repo rate would revert

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