RBI Hikes Key Interest Rate To 4.40%, First Since May 2020, Cites Inflation

RBI hikes repo rate by 40 basis points to 4.40 per cent

The Reserve Bank of India (RBI) on Wednesday raised the key interest rate by 40 basis points to 4.40 per cent with immediate effect.

RBI Governor Shaktikanta Das said the central bank’s Monetary Policy Committee (MPC) took this decision in its off-cycle meeting held between May 2-4.

He said that the decision has been taken in view of rising inflation, geo-political tensions, high crude oil prices and global commodity shortage, which has affected the Indian economy.

In his nearly half-an-hour address, the RBI governor said food inflation is expected to remain higher as global wheat shortage is impacting domestic wheat prices, even though domestic supplies remain comfortable.

He said the Russo-Ukraine war could lead to a firming up of edible oil prices as major producing countries imposed export restrictions.

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