Consumer Price Index (CPI) inflation has been above the Reserve Bank of India's (RBI) medium-term target of 4 percent for 28 consecutive months, with data released on February 14 showing that inflation rose to 6.01 percent in January 2022. However, the Monetary Policy Committee (MPC) is meeting its legal mandate. It is only deemed to have failed when average CPI inflation remains outside the 2-6 percent band for three quarters in a row. With inflation having averaged 5.0 percent in Q3 FY22, even 6 percent-plus inflation in January-March 2022 is not enough to force the MPC to take remedial action.