To reduce continuing inflation challenges, the Reserve Bank of India (RBI) lifted its key repo rate, or the key lending rate, by 35 basis points on Wednesday, to 6.25% from 5.90%. The RBI has raised the key lending rate five times in a row. Since May, the board has now increased the key rate by 225 bps in FY23. Retail price inflation in India reduced to 6.77 percent YoY in October 2022 from a five-month high of 7.41 percent in September.
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