.......... The RBI’s mandate is first and foremost to protect the value of money, which means maintaining price stability. That requires it to make an informed guess about what the public is thinking about price movement. For the past five years the survey consistently shows that households expect inflation to be above 12 per cent. This inflationary angst is considerably above what used to be the case between 2000 and 2007, when expectations were much lower. The actual inflation rate in early 2002 was barely 1 per cent. This five-year angst also partly explains why there was.............
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