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5 MPC decisions this year. Rate moved from 4.00% to 6.25% (+225 bps).
Pace slowed from 50 bps as headline CPI showed signs of easing.
Third consecutive 50 bps move in the tightening cycle.
CPI inflation above 7%; RBI moved aggressively to anchor expectations.
Russia–Ukraine commodity shock pushed inflation outside band.
First hike in the cycle, off-cycle MPC decision after global inflation surge.