0642 GMT - The Reserve Bank of India is unlikely to raise rates this year, Citi Research analysts write in a note. July's CPI data was in line with expectations, they write. While food and beverage inflation, excluding vegetables, has seen a sharp uptick since the Middle East conflict began, it is being offset by subdued vegetable inflation, the analysts say. Underlying indicators still don't suggest meaningful generalized price pressures with regards to core CPI, which remained stable in July compared with June, they add. Citi retains its FY27 average headline CPI forecast of 4.7% on year, expecting monthly prints to come in above 5% during the September-December period.