The government's decision to hike fuel prices is expected to add 30 basis points to the country's headline inflation, Oil secretary G. C. Chaturvedi told reporters on Friday.Persistently high inflation, which hovered above 9 percent in May, had prompted the Reserve Bank of India (RBI) to raise key interest rates 10 times in just over a year. The RBI last week signalled more increases to come even as growth in Asia's third-largest economy is slowing down.
Reuters
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