India July CPI rose 4.45% YoY, in line with forecasts and inside the Reserve Bank of India’s 2–6% target band, reinforcing market bets that policymakers will keep rates on hold. The print — July’s seventh consecutive month inside the tolerance band — supports the RBI’s decision to hold the policy rate at 5.25% for a fourth straight meeting and further cools expectations of an imminent hike. June had briefly breached the RBI’s 4% level for the first time in 17 months. Policymakers say they need a

India July CPI rose 4.45% YoY, in line with forecasts and inside the Reserve Bank of India’s 2–6% target band, reinforcing market bets that policymakers will keep rates on hold. The print — July’s seventh consecutive month inside the tolerance band — supports the RBI’s decision to hold the policy rate at 5.25% for a fourth straight meeting and further cools expectations of an imminent hike. June had briefly breached the RBI’s 4% level for the first time in 17 months. Policymakers say they need a clearer read on inflation’s trajectory and composition before acting. ANZ economist Dhiraj Nim said this result “should not cause policymakers concern,” noting price pressures ex-food and fuel are building but are not rising in an uncontrolled way.