With the headline inflation spike in October to a 14-month high at 6.21 per cent YoY, above the official forecast of 4.8 per cent YoY, economists and experts postponed their rate cut call to February 2025 from December 2024. Radhika Rao, Senior Economist, DBS Bank, said that with firm inflation, hawkish speak from the central bank and heightened global volatility, rate cuts are off the table in December. “October’s print, nonetheless, marks a peak in this cycle, with food costs to moderate as kharif supplies return to the market. The next data of interest will be the Jul-Sep24 growth numbers due end-month, which is expected to reflect the recent slowdown in high frequency activity indicators. Financial market stability will also be key for the authorities. A dollar rally post the US elections has pushed the rupee to a record low this week. We see a window for rate cuts in February contingent on market stability, cool off in inflation and more evidence of a cyclical slowdown,” she added.