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250-bp rate hike lowered demand, inflation by 160 bps
Business Standard
|October 22, 2024
Durable alignment with target in sight, says report
The 250 basis points (bps) hike in policy rate by the Monetary Policy Committee (MPC) since May 2022 has negatively contributed to aggregate demand and headline inflation by 160 bps each till Q2FY25, a report by Reserve Bank of India (RBI) staffers, including deputy governor Michael Debabrata Patra, said.
Since 2022, central banks across the world started raising policy rate aggressively in a synchronised fashion to counter an inflation surge. In India, MPC also undertook monetary policy tightening since May 2022.
This story is from the October 22, 2024 edition of Business Standard.
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