India's central bank will keep containing inflation as its top priority going forward even as it raised the key policy rates by 50 basis points to rein in surging prices Tuesday.
Going forward, the monetary policy stance will depend on the evolving inflation trajectory, which in turn, will be determined by trends in domestic growth and global commodity prices. A change in stance will be motivated by signs of a sustainable downturn in inflation.
The Reserve Bank of India raised its short-term lending (repo) rate to 8% and the short-term borrowing (reverse repo) rate to 7%. "Inflation is expected to remain elevated for a few more months, before moderating towards the later part of the year," he said.
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