Inflation for 2018-19 projected at around 4.5%, says Urjit Patel

Patel said inflation would be around 4.5% for the overall year starting in April.

The Reserve Bank of India’s projections indicate inflation for 2018-19 to be at around 4.5%, Governor Urjit Patel said on Wednesday, adding that meant there was no need to change the monetary policy stance based on the existing data.

The Reserve Bank of India (RBI) Governor Urjit Patel attends a news conference after the bi-monthly monetary policy review in Mumbai on February 7, 2018. (REUTERS)

The central bank on Wednesday kept its main repo rate at 6.00%. Its statement projected inflation to reach 5.1-5.6% in April to September ,and then 4.5-4.6% in October to March.

Patel said inflation would be around 4.5% for the overall year starting in April.

“In some quarters, some months it may be a little higher. Keeping all that into account we felt that at this stage, without more data coming in it was not necessary to change repo rate or the stance,” he added.