volatile, and that it feeds into the expected inflation of the households, causing the second round effects. This calls for the Reserve Bank of India to put greater effort in anchoring inflation expectations through effective communication and greater credibility. JEL classification: E, E50 Keywords: core inflation, monetary policy, food inflation, second round effects, inflation expectations 85 * Anuradha Patnaik, PhD, Associate Professor, Mumbai School of Economics and Public Policy, University of Mumbai, India (email Dr.A.Patnaik75@gmail.com).
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