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Retail inflation in India likely rose further above the central bank's medium-term target last month as food prices climbed due to lingering supply disruptions, a Reuters poll found, reducing the chances of another interest rate cut. Persistent high prices have hurt the recession-stricken economy, which contracted a record 23.9% in April-June despite the Reserve Bank of India cutting its key repo rate by a cumulative 115 basis points since the pandemic started. Although the government has eased some lockdown restrictions to help the economy, supply chain disruptions have shown little sign of abating as the virus continues to spread rapidly in India.

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