Shaktikanta Das says vegetable prices should soften by early February 2020.
CPI (Consumer Price Index) retail inflation is projected at 3.1 per cent for the second quarter this fiscal.
Food prices have risen due to lower-than-expected monsoon rains over the past two months.
Core consumer inflation, which strips out food and fuel prices, was estimated at an annual 4.09-4.11 per cent in June.
The fiscal deficit target for this financial year was reduced to 3.3 per cent from 3.4 per cent.
Inflation in food articles hardened with steep rise in prices of vegetables during April.
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