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...Surprisingly, the monetary policy stance has been shifted from accommodative to neutral. The most prominent reason to shift the policy stance is the objective of achieving 5% inflation by quarter 4 of 2016-17 and the medium term target of 4% with a band +/- 2% on either side. Even though the headline CPI (consumer price index) inflation is moderating, the monetary policy committee (MPC) cited concerns about sticky core CPI inflation. It is therefore essential to analyse the role of headline against core inflation in fixing the policy stance. In the RBI’s newly adopted flexible inflation-targeting (FIT) framework, the headline CPI inflation measure is being used as the target rate of inflation as it reflects the prices of essential consumption goods. ...Live Mint on March 7, 2017, 11:58 p.m.