Inflation ticked up to 4.45% in July, staying above the 4% target for two straight months. Brokerages now say don’t expect rate cuts anytime soon; the next move could be a hike by early 2027. Why? Because food, fuel, and weather are pushing prices higher, and the RBI isn’t ready to blink. Even as growth outlooks improve (6.7% GDP!), the central bank’s eyes are locked on inflation. The real story? It’s not about rates staying still; it’s about what happens when they start moving up again. And that moment might be closer than you think.