Inflation is 'still high': RBI

Reserve Bank of India (RBI) Governor Duvvuri Subbarao, Reuters Image

India's headline inflation at 7.5 percent is "still high", the Reserve Bank of India (RBI) Governor Duvvuri Subbarao said on Monday.

Subbarao, speaking at an academic institution, said inflation was due to a spike in crude oil prices and the government's high fiscal deficit.

The RBI cut rates in late January, but refrained from spelling out further rate cuts due to concerns about the country's current account deficit and inflation flaring again in the later half of 2013.