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India's cloudy price outlook to keep MPC focused on inflation

India's monetary policy committee (MPC) emphasizes vigilance on inflation risks, citing a clouded outlook due to volatile and uncertain food prices, according to the December meeting minutes released on Friday.

December 23, 2023 / 08:11 IST
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India's monetary policy committee (MPC) emphasizes vigilance on inflation risks, citing a clouded outlook due to volatile and uncertain food prices, according to the December meeting minutes released on Friday.

India's monetary policy committee (MPC) will remain vigilant of inflation risks, with the overall outlook remaining clouded by volatile and uncertain food prices, members of the committee said in the December policy meeting minutes, released on Friday.

"On the growth front, the economy is running at full steam," wrote Rajiv Ranjan, executive director at the Reserve Bank of India (RBI) and a member of the six-people MPC.

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"The best way monetary policy can support this high growth trajectory is by maintaining its commitment to price stability."

The MPC, which consists of three RBI members and three external members, kept the repo rate unchanged at 6.50% for the fifth consecutive meeting earlier in December.