India’s inflation beat estimates in January, breaching the top-end of the central bank’s target for the first time in three months. The CPI rose 6.52% YoY in January, up from a 5.72% gain in the previous month. The surprise jump in inflation will pressure the bank to keep tightening interest rates and diminish any bond market expectations of a dovish pivot anytime soon. Last week, India’s central bank raised its benchmark rate to 6.50% and kept the door open for further hikes.