RBI governor Mr Subbarao in a speech recently on inflation said: "By far the most important
statistic for the Reserve Bank is inflation which has traditionally suffered from meas urement problems. I must admit that even at a
personal level, I do not know how to interpret inflation. Twenty years ago, when
I had a thick mop of hair, I used to pay `25 for a haircut. Ten years ago, after
my hair started thinning, I was
paying `50 for a haircut. And now, when I have virtually no hair left, I am
paying `150 for a hair cut. 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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