Context: A new study shows variations in the price patterns of food items could guide the framing of monetary policy in India; three new external members have been introduced to the Monetary Policy Committee (MPC).
Responsibilities of the Reserve Bank of India (RBI): It has an official mandate to target consumer price inflation while also -
Need for basing Inflation targeting on Headline Inflation:
Case Study: Working Paper on Food Price Behaviour in India by RBI:
Conclusion: