The Reserve Bank of India lifted its benchmark repo rate by a quarter point to 5.50% on Wednesday, its first increase since February 2023, as accelerating price pressures pushed the central bank to act. The decision, announced from Mumbai, marks the opening move in what could become a broader tightening cycle. Policy makers pointed to inflation that has continued to run beyond the central bank's target, while economic growth remains firm enough to absorb higher borrowing costs. The 25-basis-point hike was widely anticipated after recent data showed price gains broadening across food, fuel and core categories.
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