The Reserve Bank of India (RBI) has submitted reports on breaches of its inflation target for three consecutive quarters. Still, the reports cannot be made public under the RBI Act, and the government told parliament on Monday.

Union Minister of Finance for State Pankaj Chaudhary told the Lok Sabha that the relevant provisions of the RBI Act did not allow public reporting.

RBI’s Monetary Policy Committee (MPC) convened an impromptu meeting in early November to discuss its report to the union government for failing to maintain its inflation mandate.

Under the flexible inflation targeting framework introduced in 2016, if CPI-based inflation were outside the 2% to 6% range for three consecutive quarters, the RBI would be deemed to have failed to rein in price increases.

Retail inflation was 6.77% in October and has now been above the 6% ceiling for three consecutive quarters. Data show that India’s average retail inflation rates for January-March, April-June, and July-September 2022 will be 6.3%, 7.3%, and 7%, respectively.