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As food prices turn negative, PMEAC says times now favour rate cuts

“The environment appears to be in favour of the Reserve Bank of India reversing its monetary policy stance,” PMEAC C Rangarajan said while commenting on food inflation which has turned negative to (-) 3.36% for the week ended 24th December

New Delhi: With food inflation turning negative in the week ended 24th December, the Prime Minister’s Economic Advisory Council (PMEAC) today made a case for reduction of interest rates by the Reserve Bank of India (RBI) in its monetary policy review later in the month, reports PTI.

“The environment appears to be in favour of the Reserve Bank of India reversing its monetary policy stance,” PMEAC C Rangarajan said while commenting on food inflation which has turned negative to (-) 3.36% for the week ended 24th December.

The RBI, which has raised interest rates for 13 times since March 2010 to contain inflation, has already paused rate hike in its December mid-quarter policy review. The central bank is scheduled to announce the next policy review on 24th January.

This is the first time in almost six years, for which data with base year 2004-05 is available that food inflation has shown a decline on an annual basis.

Terming the decline in food inflation as expected, he said the rate of price rise may remain negative till March.

“This (decline) was expected as the seasonal trend has caused vegetable prices to come down in the recent months. I see food inflation negative in January and negative or close to zero by March,” the PMEAC chief said.

He said the decline in food inflation will also bring down headline inflation to below 7% by March.

“We had predicted headline inflation to be 7% by March. However, it will be below 7%,” Mr Rangarajan said.

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