Inflation has come in at 4.3 percent in September, and this has put any hopes for further rate cuts on ice. While the spike is disappointing, CLSA's chief strategist Adrian Mowat says he is not surprised that inflation has breached RBI's medium-term comfort zone. He told CNBC-TV18's Areeb Sherwani that he does not see a cyclical pick up for the Indian economy at the moment, but adds that the real estate sector is showing signs of a potential uptick.