RBI MPC Minutes October 2026: 6-0 Vote for 5.50% Repo, CPI Seen at 5.2%
Quick answer: The minutes of the RBI's October 2026 policy meeting, published on 21 October, show all six MPC members voted to raise the repo rate by 25 basis points to 5.50% . The RBI now projects CPI inflation at 5.2% and GDP growth at 7.1% for 2026-27. The next decision is due on Friday 4 December 2026 . Key points from the minutes Vote: 6-0 for the hike. The resolution also changed the stance to calibrated tightening. Why: the committee said inflation and its outlook are no longer benign, with headline CPI expected to average almost 5.8% over the next three quarters. It cited the deficient monsoon, El Niño conditions and high energy prices. Inflation projection, 2026-27: 5.2% (Q2 4.9%, Q3 6.0%, Q4 5.7%); Q1 2027-28 at 5.6%. Core inflation is projected at 4.4%. CPI was 4.8% in August. Growth projection, 2026-27: 7.1% (Q2 7.2%, Q3 6.9%, Q4 6.8%). Q1 growth came in at 7.8%. Global backdrop: renewed West Asia conflict, volatile crude prices, and a 25 bps US Fed hi...