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India’s interest-rate setters have mainly blamed global factors for failing to meet their inflation target, according to people with knowledge of a letter the monetary policy panel was obliged to write to the government.
The war in Ukraine and resultant spurts in energy and food costs, and supply disruptions caused by the pandemic are among main reasons cited, the people said, asking to stay unidentified as the correspondence is private. The detailed narrative doesn’t dwell much on the path forward, only stating that the worst of inflationary pressures are probably behind us, the people added.
Little is known about the
