How many inflations are there?

In an unequal world, the CPI reflects prices only for a small segment of the population who are close to the average

TCA Anant

In 2015, the government notified a new mandate for the Reserve Bank of India (RBI), where it was stated that the objective of monetary policy framework would be primarily to maintain price stability, while keeping in mind the objective of growth. Further, price stability was defined in terms of the year on year change in the monthly Consumer Price Index (CPI) published by the Central Statistics Office (CSO). This decision was also enshrined in the RBI Act in 2016. The need to maintain price stability as the principal, if not the only, objective of monetary policy is well articulated ...