In macroeconomics, 'Core Inflation' refers to inflation calculated after excluding which categories of goods, owing to their high price volatility?

Explanation: Core inflation excludes food and fuel from the consumption basket, since these prices are highly volatile due to weather shocks, seasonal supply changes, and global crude oil swings, which can mask the underlying, more persistent inflation trend. The RBI's Monetary Policy Committee tracks core inflation alongside headline CPI, as it better reflects demand-side pressures and monetary policy effectiveness; a sustained rise in core inflation is read as a stronger tightening signal than a headline spike driven by food or fuel alone.