RBI Policy
Then and now - movement of key data since MPC's Dec meet
This story was originally published at 15:01 IST on 5 February 2026
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MUMBAI – The following are changes in some key economic indicators monitored by the Reserve Bank of India's Monetary Policy Committee since it last met in December:
INDICATOR | LATEST | BEFORE DECEMBER POLICY |
CPI inflation | 1.33% (December) | 0.25% (October) |
Core CPI inflation | 4.6% (December) | 4.4% (October) |
WPI inflation | 0.83% (December) | (-)1.21% (October) |
Indian crude oil basket (per barrel) | $63.08 (January) | $64.31 (November) |
Core sector growth | 3.7% (December) | 0.0% (October) |
IIP growth | 7.8% (December) | 0.4% (October) |
GDP growth | 8.2% (Jul-Sept) | 8.2% (Jul-Sept) |
GVA growth | 8.1% (Jul-Sept) | 8.1% (Jul-Sept) |
Manufacturing PMI | 55.4 (January) | 56.6 (November) |
Services PMI | 58.5 (January) | 59.8 (November) |
Banks' lending rate* | 8.28% (December) | 8.64% (October) |
Credit growth@ | 13.1% (Jan. 15) | 11.4% (Nov. 14) |
Exchange rate (average) | 90.8/$1 (January) | 88.9/$1 (November) |
India-US 10-year bond yield spread | 241 bps (Feb. 4) | 245 bps (Dec. 3) |
Fiscal deficit | 54.5% of FY26 Budget target (Apr-Dec) | 52.6% of FY26 Budget target (Apr-Oct) |
| Net durable liquidity balance | INR 3.45 trillion (Jan. 15) | INR 3.61 trillion (Nov. 14) |
Sources: Clearing Corp. of India Ltd., Cogencis Information Services Ltd., Controller General of Accounts, S&P Global, Ministry of Commerce and Industry, Ministry of Statistics and Programme Implementation, Petroleum Planning and Analysis Cell, Reserve Bank of India, US Department of Treasury
* Banks' weighted average lending rate for fresh rupee loans
@ Includes HDFC Bank's credit numbers after merger with parent Housing Development Finance Corp.
End
US$1 = INR 90.33
Compiled by Shubham Rana
Filed by Akul Nishant Akhoury
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