RBI chooses to ‘look through’ above-target inflation

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The Reserve Bank of India’s monetary policy committee (MPC) is choosing to “look through” a recent bout of above-target inflation, it said today (October 9).

The RBI’s MPC chose to keep the policy rate unchanged at 4% at today’s meeting, even though inflation is forecast to hit 6.8% in the next quarter. The central bank’s inflation target is 4%, with a tolerance band of two percentage points in either direction.

Governor Shaktikanta Das said the central bank’s analysis implied supply

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