The Reserve Bank of India will announce its October monetary policy decision today, with most economists expecting a 25-basis-point hike in the repo rate to 5.50 per cent. It would be the first rate increase since February 2023. The repo rate has stayed at 5.25 per cent for nearly ten months after the RBI cut rates by a cumulative 125 basis points during 2025. About 35 to 38 of 61 economists polled by Reuters expect the hike at the end of the October 5-7 meeting of the Monetary Policy Committee, led by Governor Sanjay Malhotra. Inflation accelerated to 4.82 per cent in August, staying above the RBI's 4 per cent target for the third straight month. Prices for nearly half of India's inflation basket rose 4 per cent or more year-on-year. Elevated crude prices, a rupee trading near record lows, and hawkish global central banks have added pressure. Markets have largely priced in the move; the bigger question is whether the RBI changes its stance and signals more hikes ahead.