Pass-through of fall in commodity prices not clear: RBI MPC's Bhide

'In the past two meetings, the size of the rate increases have come down'

Shashanka Bhide, external member of the Monetary Policy Committee (MPC), voted in favour of a rate hike along with the internal members of the RBI in the latest policy meeting. In an interview with Asit Ranjan Mishra, he said the MPC is aiming to bring down inflation level within the tolerance band in 2023-24. Edited excerpts:

You are now the only external member to vote against a pause. You clearly don’t share the risks to economic growth from over-shooting policy tightening?
 

No, I am a member in favour of an increase in rate (in the last MPC meet). The price