RBI's rate hikes are futile, food inflation the result of high procurement prices

The RBI meets on October 25 to decide on the future course of monetary policy. Expectations are that it will raise rates by another 25 basis points. If the influential chief economic adviser to the PM, Dr Rangarajan, is to be believed, the RBI should keep hiking rates until doomsday, or when inflation is reduced to the “comfort” level, whichever comes first.

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