Editorial Cloze Test Quiz
The Reserve Bank of India’s Monetary Policy Committee has since inception _______(1)________its unwavering focus on its primary remit: the preservation of price stability. It follows then that the central bank’s rate-setting panel opted to leave benchmark interest rates unchanged and retain a neutral stance to achieve the medium-term _____(2)_____of keeping Consumer Price Index inflation close to 4% on a durable basis, while supporting growth. Spelling out the rationale for the decision, the MPC felt that with global crude oil prices having “firmed up further” amid a pick-up in demand and tighter supplies in the wake of OPEC’s production cuts, the threat of upward pressure on accelerating inflation has increased appreciably. Add to this the uncertainty posed by the prospects of weaker-than-anticipated kharif crop output and the impact this may have on food prices, and the concerns agitating policymakers will be evident. There are also the not-so-small matters of farm loan waivers by States that could roil the quality of public spending and exert price pressures — as well as the question of _____(3)______States may decide to implement their own salary and allowance increases in the wake of the Centre’s Seventh Pay Commission implementation. As the statement accompanying the rate decision points out, CPI inflation ______(4)________by around two percentage points since the MPC’s last meeting in August: from 1.46% in June 2017, to a provisional 3.36% in August. The RBI’s September survey of household inflation expectations too has shown in qualitative responses a marked uptick in the proportion of respondents expecting the general price level to increase by ______(5)________than the current rate.
Editorial Cloze Test Quiz
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