Tag: RBI to closely monitor food price spike

MUMBAI: India's monetary policy committee (MPC) will closely monitor the factors impacting inflation and take necessary action, although it expects the recent spike in food prices to be short-lived, minutes of the latest MPC meeting showed."While the vegetable price shocks are expected to correct quickly with the arrival of fresh crops, there are risks to food and the overall inflation outlook from El Nino conditions, volatile global food prices and skewed monsoon distribution - all of which warrant close monitoring," the Reserve Bank of India (RBI) governor, Shaktikanta...