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India’s inflation surges

Inflation in India accelerated on rising food prices to a whisker away from double digits in February, increasing the likelihood that the Reserve Bank of India (RBI) will hike interest rates at its next monetary policy meeting in April. Inflation was also well above the 8.5 percent that the RBI had forecast for the end of March, highlighting the sharp upswing in prices as food prices pick up and India’s economic recovery gathers steam.