Number Theory: Food inflation tests economic policy in 2024

In 2016, India adopted an inflation targeting framework that entrusted the Reserve Bank of India (RBI) with managing the benchmark inflation rate, as measured by the Consumer Price Index (CPI). India’s inflation targeting law prescribes an inflation target of 4% with a range of two percentage points on either side. It states that RBI would be deemed to have failed in meeting this target if inflation stays below or above the 2%-6% range for three continuous quarters.