Aside from the US Fed, a big worry for the Reserve Bank of India (RBI) and the Monetary Policy Committee (MPC) in the upcoming policy may be food prices.

The April to August reading of cereals prices is worrying because, for the past four years, cereals have not been a worry at all. Cereals have spiked only in 2022 and this has led to an overall spike in the food CPI this year. It's much higher than a year ago.

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What's worse is global food prices have been rising sharply in the last two years. But fortunately, the FAO index has been declining in the last three months that is from June.

So is the worst over looking at the global index or do Indian cereal prices remain elevated, should we worry about food CPI? CNBC-TV18's Latha Venkatesh spoke to Dr Ashok Gulati, Infosys chair professor at the Indian Council for Research on International Economic Relations, and Dr Ramesh Chand, Member of NITI Aayog, both among the best agricultural economists in the country.

Watch the video for more