New Delhi, Nov. 13 -- Consumer inflation is tracking close to 6.3 per cent in November, with an upward bias, raising the possibility of another interest rate hike by the Reserve Bank of India (RBI) in December, according to a report by Union Bank of India.

"Our Nov print is currently tracking close to 6.30% with an upward bias, though food price trends need close watch," the report said.

The report expects the RBI to raise the repo rate by 25 basis points to 5.75 per cent at its December monetary policy meeting, with a further increase to 6 per cent possible in subsequent meetings. It also flagged the possibility of a larger 50-basis-point hike as a one-time measure.

"Overall, we see a 25bps hike in December, yet a 'one and done for no...