RBI Says Food Prices Still Remain High, MPC Votes 5-1 In Favour Of Keeping Repo Rate Unchanged

Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) voted 5-1 to keep repo rate unchanged at 6.5%. This is the seventh consecutive time the key policy rate has not been tinkered with. The panel maintained policy stance as "withdrawal of accommodation" with a majority of 5-1. Any chances of rate cut in the immediate future looks are unlikely till inflation eases to 4% levels. RBI Governor Shaktikanta Das added that while core inflation has declined steadily over the last nine months, the food inflation remained a challenge and that the MPC remained steadfast in its commitment to bring food prices down.