On Thursday, the six-member rate-setting panel decided unanimously to hold the benchmark repo rate at 6.5 percent. Excluding Jayanth Varma, all other members voted to remain focussed on withdrawal of accommodation to align inflation to the target of 4 percent while supporting durable growth in the economy. Importantly, the central bank raised its inflation outlook for the July-September quarter to 6.2 percent from 5.2 percent earlier (see table), signalling that the war against inflation is not over and interest rates may be higher-for-longer, and retained its growth estimate for FY24.