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The RBI's monetary policy committee is set to revise the policy framework and inflations target by March 31. In 2016, RBI set the target of mandated inflation at 4% with a 2% deviation either way. The RBI achieved its inflation target during October 2016-March 2020 with the CPI averaging 3.9%.
Inflation volatility also declined during this time to 1.4 from 2.4 in 2012-16.
The February CPI is the latest inflation report before the committee of the RBI. The home economists of Bank of America expect that CPI in February will rise to 4.8% from 4.1% in January. The CPI in FY22 is expected to stay at 4.6%. They expected them because the fundamental factors of inflation are weak.