India’s central bank raises interest rate to tame inflation

NEW DELHI (AP) — India’s central bank has raised its key interest rate to 4.4% from 4% to try to contain fast-rising inflation. Governor Shaktikanta Das said India’s headline consumer price index surged to 7% in March from 6.1% in February, largely reflecting rising costs for imports of oil, coal and other commodities. Das said the RBI has set a medium-term target for CPI inflation of 4% within a band of plus or minus 2%. He expressed concern that the deteriorating global situation amid the war in Ukraine was causing a “tectonic shift″ in commodity markets, trade and financial linkages.