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RBI’s inflation-control measures make home loan EMIs inflationary

by TLAteam December 8, 2022December 8, 2022
written by TLAteam December 8, 2022December 8, 2022
RBI’s inflation-control measures make home loan EMIs inflationary

The Reserve Bank of India increased its key lending rate by 35 basis points to 6.25 percent, citing slower inflation after three consecutive 50-bps (basis point) increases to manage price pressures that have remained persistently above the upper end of its target band.

Business News

The monetary policy committee (MPC), comprised of three RBI members and three outside members, increased the key lending rate, also known as the repo rate, by 0.35 percent to 6.25 percent with a five-to-six majority. The standing deposit facility rate and the marginal standing facility rate were both raised by the same amount, to 6.00% and 6.50%, respectively.

After consumer-price-based inflation fell to a three-month low of 6.77 percent in October from a year ago, the RBI cited slowing price pressures as the reason for the smaller rate hike.

This is consistent with market expectations for a slowing in rate hikes, given that the central bank had frontloaded its tightening policy, with inflation expected to have peaked in September and favourable base effects guiding the price rise trajectory to below 6% by early next year.

However, RBI Governor Shaktikanta Das stated that inflation remains high and that the fight against inflation must continue as long as risks exist. The majority view of the MPC is that an accommodating stance should be abandoned. This statement comes as expectations for price pressures to have peaked and concerns about economic growth have resurfaced.

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