After sustained moderation, cost-push pressures faced by firms are showing upward bias, said the RBI. Geopolitical tensions and volatility in financial markets also pose risks to the inflation outlook, it said.
"Two years ago, around this time, when CPI (consumer price index) inflation had peaked at 7.8 per cent in April 2022, the elephant in the room was inflation. The elephant has now gone out for a walk and appears to be returning to the forest. We would like the elephant to return to the forest and remain there on a durable basis," said RBI Governor Shaktikanta Das. The RBI lowered its CPI inflation forecast for the first, second, and the fourth quarters of FY25. For FY25, the inflation forecast remains unchanged at 4.5 per cent.
Rising oil prices
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