RBI Bulletin: Battle Against Surging Inflation Will Be Dogged, Prolonged
2 years, 2 months ago

RBI Bulletin: Battle Against Surging Inflation Will Be Dogged, Prolonged

ABP News  

The Reserve Bank of India in its article on Monday said that the battle against inflation will be dogged and prolonged, given the long and variable lags with which monetary policy operates. Retail inflation spiked to 7.41 per cent in September, remaining above central bank’s upper tolerance level of 6 per cent for the ninth month in a row. With inflation remaining above the 6 per cent level, RBI, now, will have to give a report to the central government giving reasons for failure to contain inflation at 4 per cent with a bias of 2 per cent on either side. "While the persistence of headline CPI inflation above the tolerance band for three consecutive quarters will trigger mandated accountability processes, monetary policy remains focussed on realigning inflation with the target," the article said. On September 30, RBI's Monetary Policy Committee, headed by Governor Shaktikanta Das, announced a 50 basis point hike in the repo rate to 5.9 per cent.

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