A lot depends on vegetable prices to find comfort for RBI's inflation battle
A member of India's Monetary Policy Committee (MPC) predicts that retail inflation will return to the central bank's comfort band of 2%-6% as vegetable prices soften. The recent spike in vegetable prices, particularly tomatoes, has been unprecedented, but a seasonal softening is expected. Led by vegetables, food inflation reached an over 3-year high of 11.5% in July, pushing retail inflation to 7.44% above the RBI's comfort band.
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