RBI may look to tighten in phases, avoid more shocks

Inflation after breaching the upper tolerance band of 6%, is probably accelerating due to a sustained surge in food prices, mostly due to disruptions caused by the war, necessitating a quick response from the central bank. Furthermore, the ban of export of palm oil by Indonesia came as a bolt from the blue. The hot climatic conditions across the world is likely to reduce farm output that may further accentuate price pressures.

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