New Delhi, Nov. 13 -- India's 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 Union Bank of India (UBI) report.

"Our Nov print is currently tracking close to 6.30 per cent with an upward bias, though food price trends need close watch," ANI reported, citing the report.

The bank expects the RBI to raise the repo rate by 25 basis points (Bps) to 5.75 per cent at its December 2-4 monetary policy meeting, with a further increase to 6 per cent possible in subsequent meetings. It also said a one-time 50-basis-point hike could not be ruled out.

"Overall, we see a 25bps hike in December, ye...