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Inflation is 'still high': RBI

February 11, 2013 12:39 IST

India's headline inflation at 7.5 percent is "still high", the Reserve Bank of India (RBI) Duvvuri Subbarao said on Monday.

Subbarao, speaking at an academic institution, said inflation

was due to a spike in crude oil prices and the government's high fiscal deficit.

The RBI cut rates in late January, but refrained from spelling out further rate cuts due to concerns about the country's current account deficit and inflation flaring again in the later half of 2013.

Shamik Paul in Mumbai
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