The Reserve Bank of India (RBI) in its monetary policy report (MPR) has projected Consumer price index (CPI) based inflation to decline from 4.8% in Q1: 2020-21 to 4%in Q2, 2.7% in Q3 and 2.4% in Q4. This MPR is a part of the out-of-turn review of monetary policy held in March end due to uncertainties arising from the economic lockdown. What is CPI? It is an index measuring retail inflation in the economy by collecting the change in prices of most common goods and services used by consumers. CPI is calculated for a fixed list of items including food, housing, apparel, transportation, electronics, medical care, education, etc. to calculate the inflation levels in an economy.
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