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India’s retail inflation print for the month of February edged 48 bps higher to 3.65% mainly led by a rise in prices of food articles like vegetables, fruits, and meat and fish. However, core CPI that excludes food and energy prices surprised with a downward momentum, easing to 4.83% from 5.08% seen in the previous month.     India’s wholesale price-based inflation rose to 6.55% in the month of February, its highest level in over three-years led by a sharp increase in prices of primary articles including cereals and fruits along with a surge in fuel and power prices.     In a shocker, RBI yet again hit the ‘pause’ button on policy rates, citing cautious approach in lieu of developments as the finer details of the demonetization process emerge.     Crucially, the MPC panel altered its stance from ‘accommodative’ to ‘neutral’, giving a strong signal of limited room for easing rates from hereon forth.     Further pushing down GVA projections, RBI lowered growth estimates by 30 bps to 6.90%, while inflation metrics are expected to stay guarded in the near term.     Maintaining policy continuity, the MPC reiterated ‘accommodative’ stance on liquidity and displayed comfort on improving inflation fundamentals.
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