RBI continues holding policy rate at 6.5%

Central bank warns food prices pose upside risk to inflation

Reserve Bank of India building in Mumbai
Nichalp/Wikimedia Commons

The Reserve Bank of India (RBI) kept its policy rate unchanged at 6.5% at its December 6–8 monetary policy meeting, continuing a pause into the new year. The RBI last raised its policy rate last February.

All six members of the RBI’s monetary policy committee voted for the hold. Five of the six agreed to “remain focused on withdrawal of accommodation to ensure that inflation progressively aligns to the target”, with Jayanth Varma dissenting.

Headline inflation was 4.9% in October, well within the

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