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Inflation, which is the most important statistic for the central bank, has suffered from measurement problems, Dr Subbarao said. “It is difficult, even for me, to interpret inflation,” the Governor said.
In a lighter vein, he said, “When I was young and I had a thick mop of hair, I paid Rs 25 for a haircut … now I have hardly any hair but pay Rs 150 for a haircut.”
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“I struggle to determine how much of that is inflation and how much is the premium I pay the barber for the privilege of cutting the Governor’s non-existent hair.”
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