.............. "If disinflation, adjusting for base effects, is faster than currently anticipated, it will provide headroom for an easing of the policy stance," Rajan had said in June, after which consumer prices started falling to less than 8 per cent, the target suggested by the Urjit Patel panel for 2014. Come August, the choice of words is different. Here is Rajan: "The balance of risks around the medium-term inflation path, and especially the target of 6 per cent by January 2016, are still to the upside, warranting a heightened state of policy preparedness to contain these risks if they materialise.".............
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