...............Persistent inflation reinforces inflation expectations. While maintaining that there is no room for complacency, the RBI feels it has enough reasons to wait and watch. For one thing, there is evidence that vegetable prices have started coming down. Second, the disinflationary impact of stable exchange rates will ease the pressure on prices. Finally, the lagged effects of monetary tightening since July should help. The decision not to raise the rates is obviously a debatable one. There is no room whatsoever for complacency...........
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