According to data released by the commerce ministry in Delhi, wholesale price based inflation snapped fourth months of easing trend and increased to 4.86 percent in June as compared to 4.7 percent in the previous month.
Asked whether the increase in inflation would prevent RBI from cutting rates, Subbarao said: "I have no comment."
The RBI is scheduled to announce policy review July 30.
Subbarao said he discussed with the finance minister the issues concerning the forthcoming meeting of the G20.
"I have come to discuss the G20 issues with the finance minister," Subbarao said.