Given the importance it attaches to retail inflation, one would expect the Reserve Bank of India (RBI) to give some guidance on the consumer price index (CPI). But the central bank has neither set a target for the index nor indicated a level it would be comfortable with. “We have no CPI target,” RBI governor D Subbarao said in the post-policy interaction with analysts and researchers earlier this week. The central bank looks at all three CPI indices – for industrial workers, agricultural labourers and rural labourers – as well as the composite CPI, he said...............
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