India’s central bank raised its benchmark repurchase rate by 25 bps to 6.5% amid easing inflation following a moderation in food prices. While India’s inflation rate returned to the bank’s 2%-6% target bank, the bank’s sixth consecutive hike since May is aimed at tamping down core inflation, which remained above 6% for the past fifteen months. The bank forecasts inflation to average 5.3% this year, while it sees economic growth at 6.4% in the same period.