India's annual inflation slowed in July but remained near double digits, making further interest rate hikes likely despite global economic uncertainty, economists said Tuesday. Inflation, according to the benchmark wholesale price index, slipped to 9.22 percent in July from June's 9.44 percent, mainly due to a fall in food prices, while May's inflation rate was revised up to 9.6 percent from 9.1 percent.
"Inflation is still much above the bank's comfort zone (of five percent)," said D.K. Joshi, chief economist at leading credit rating agency Crisil. "We will get another rate hike when the central bank meets next month unless risks materialise of a very sharp global slowdown," he said.
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