The Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) member, Jayanth R Varma, has stated that inflation readings for the next few months are likely to remain above the RBI's tolerance band of 2-6%. Varma warned against declaring victory based on a couple of months' inflation data and expressed discomfort with the self-congratulatory tone of the MPC statement. However, Varma believes there is no need to panic and that the trajectory of inflation over the next few quarters will provide a clearer picture.