New Delhi, Aug. 23 -- India's central bank is facing a crucial question: Should it continue to target headline inflation, even when volatile food prices are largely beyond its control? The answer, according to a consensus of economists and experts, is a resounding yes.

A day after the Reserve Bank of India (RBI) reignited the debate over its inflation-targeting framework, a wide array of analysts argued that anchoring monetary policy to headline inflation remains the most effective approach for the country.

The primary argument for maintaining the status quo is the simple reality of the Indian consumer. Food accounts for a staggering 46% of India's consumer price index (CPI) basket, the highest weighting among 46 nations that use inflat...