RBI Rate Hike Debate: Inflation and crude fuel calls for October move; but what about growth costs?

To begin with, the inflation trajectory, at least until now, has largely tracked the RBI's own projected path. Unless crude prices durably reset the RBI's forward expected inflation trajectory, it is difficult to justify a hike now that the RBI itself did not deem necessary when it published its August projections consistent with the current levels.

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