RBI signals more rate hikes as Indian inflation remains stubborn
Heads up: The Reserve Bank of India (RBI) is hinting at more interest rate hikes soon, thanks to stubbornly high inflation.
Prices on a growing number of everyday items are rising, jumping from 20% in March to 37% in August.
With global oil costs up and the rupee losing value, imports are set to get pricier, which could push inflation even higher.
RBI raises rate to 5.5%
The RBI just bumped its key interest rate to 5.5%, moving toward a "calibrated tightening" approach: that's their way of trying to keep inflation in check.
Experts think rates could go up by another 0.5% if things don't cool off soon.
While the economy is still growing, higher rates might make loans and big purchases costlier for everyone, so it's something to watch if you're planning any major spending this year.