New Delhi, Sept. 18 -- Goldman Sachs expects the Reserve Bank of India (RBI) to deliver one more rate cut during the ongoing fiscal year, likely in December, citing benign inflation and easing food prices, a top economist at the US-based investment bank said.

Inflation is expected to remain around 3% by calendar year-end and close to 4% in early 2026, Santanu Sengupta, chief India economist at Goldman Sachs, told Mint in an interview.

"With food inflation easing and GST cuts feeding through, RBI has room to ease further despite shifting guidance to neutral," he said.

To be sure, the RBI has delivered two rate cuts in FY26 so far, a 25-basis-point cut in April and a 50 bps cut in June that lowered the repo rate to 5.5%, before hol...