5 min readJul 19, 2026 01:44 PM IST First published on: Jul 19, 2026 at 01:44 PM ISTIn its last meeting, the RBI’s Monetary Policy Committee voted unanimously to keep interest rates unchanged and maintain a neutral stance. While the accompanying statements did lay out the rationale for the committee’s decision, several issues, beginning with inflation, need to be clarified.Directionally, inflation is expected to trend upwards through the year. The central bank’s own forecasts have pegged inflation at 5.65 per cent in the second half of the year, up from 4.65 per cent in the first half. There is also the possibility of prices surprising on the upside, considering the situation in West Asia and uncertainty over the monsoon season.