India jerks in policy reins to choke off ballooning inflation

india-rupee

The Reserve Bank of India (RBI) on Tuesday acted on signs price pressures are becoming entrenched by hiking its benchmark reverse repurchase rate by a more aggressive than expected 50 basis points, taking it to 4.5% with immediate effect.

Annualised wholesale price inflation (WPI), the most relevant measure for monetary policy, hit 10.6% in June, 0.4 percentage points up from the May figure. In addition, revised data for March and April has put inflation in those months at 11% and 11.2% respecti

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