RBI much ahead in containing inflation but Rate hike possible

Current Context: As per the SBI research report Reserve Bank is much ahead of the curve in containing inflation but it is expected that RBI will hike rates again in August and October.

• It has been observed after an almost 8 years high of 7.79% in April, Consumer Price Index-based inflation moderated to 7.04% in May.
• The report also CPI moderated in May to 6.09% compared to 6.97% in April.
• The report also expected that the RBI could bring changes in a rate hike in August and even in October which leads to going higher than the pre-pandemic level by October to 5.5%.
• Recently RBI raised the short-term lending rate by 40 basis points in May and 50 basis points in June, taking the repo rate to 4.9%.
• Apart from that RBI also revised upwards its inflation projection to 6.7% for the current fiscal year.

Question:

Q.1 As per the SBI Eco Wrap Report what will be the expected hike in the policy rate of RBI in August & October?
a. 4.2%
b. 5.2%
c. 5.5%
d. 6.2%