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Date : Dec 08, 2021
Households’ Inflation Expectations Survey

Today, the Reserve Bank released the results of the November 2021 round of the Inflation Expectations Survey of Households (IESH)1. The survey was conducted during October 25 to November 3, 2021 in 18 major cities through field interviews. The results2 are based on responses from 5,910 urban households3.

As global and domestic price sentiments are assessed to have changed considerably in the wake of a cut in domestic excise duty on petrol and diesel and international crude oil and other commodity prices declining after ‘Omicron’ emerged as a COVID-19 variant of concern, a follow-up survey of these respondents (hereinafter called the ‘extension survey’) was conducted telephonically in early December 2021 to canvas their updated assessments. In the extension survey, responses were received from 1,274 of the 5,910 households who had participated in the regular survey.

Highlights:

A. Regular Survey Round

i. Households’ median inflation perceptions for the current period increased by 20 basis points, reaching 10.4 per cent in November 2021, while three months and one year ahead median inflation expectations increased by 150 and 170 basis points, respectively, from the previous survey round [Charts 1a and 1b; Table 3(a)].

ii. Households expected inflation to harden in the near and medium term, as the gap between current perceptions and future expectations widened for both time horizons [Charts 1a and 1b; Table 3(a)].

iii. The proportion of respondents expecting higher inflation in the next three months and over the year ahead rose in November 2021 [Tables 1(a) and 1(b)].

iv. Expectations for overall prices and inflation were generally aligned to those for non-food commodities [Table 4].

Chart 1

B. Extension Survey

v. Median inflation perceptions of the households that responded in the extension survey conducted in early December 2021 declined by 30 basis points for current inflation vis-à-vis their assessment in the regular survey round conducted a month earlier [Chart 2; Table 3(b)].

vi. Median inflation expectations of households three months and one year ahead declined by 110 basis points and 140 basis points, respectively, vis-à-vis their expectations a month ago [Chart 2; Table 3(b)].

vii. The proportion of households expecting general prices and inflation to rise over both the time horizons was lower in the extension survey round when compared with the regular survey round [Table 1(c)].

Chart 2

Note: Please see the excel file for time series data.

Table 1(a): Product-wise Expectations of Prices for Three Months ahead
(Percentage of Respondents)
Survey period ended Nov-20 May-21 Jul-21 Sep-21 Nov-21
General Estimate SE Estimate SE Estimate SE Estimate SE Estimate SE
Prices will increase 83.3 0.85 83.7 0.68 85.9 0.79 84.9 0.77 89.3 0.64
Price increase more than current rate 55.4 1.14 58.5 0.91 63.0 1.15 61.5 1.14 67.0 1.17
Price increase similar to current rate 23.6 0.95 21.2 0.76 19.6 0.90 19.9 0.88 19.1 0.94
Price increase less than current rate 4.4 0.46 4.0 0.37 3.3 0.38 3.5 0.40 3.3 0.42
No changes in prices 14.2 0.81 14.0 0.63 11.3 0.70 12.9 0.72 8.2 0.55
Decline in prices 2.4 0.32 2.3 0.30 2.8 0.40 2.2 0.29 2.5 0.30
Food Product                    
Prices will increase 81.5 0.83 84.4 0.72 84.0 0.81 84.8 0.74 86.0 0.70
Price increase more than current rate 54.7 1.10 60.2 0.92 61.0 1.15 61.4 1.08 63.7 1.17
Price increase similar to current rate 20.3 0.90 19.4 0.75 17.6 0.89 18.2 0.80 17.0 0.82
Price increase less than current rate 6.5 0.59 4.8 0.38 5.4 0.53 5.3 0.50 5.2 0.46
No changes in prices 11.6 0.67 11.8 0.63 10.5 0.65 10.8 0.64 8.2 0.52
Decline in prices 6.9 0.54 3.9 0.39 5.5 0.53 4.4 0.40 5.8 0.46
Non- Food Product                    
Prices will increase 74.8 0.99 78.6 0.79 82.6 0.85 82.1 0.82 86.3 0.67
Price increase more than current rate 48.0 1.11 53.1 0.95 59.0 1.17 58.8 1.15 62.7 1.17
Price increase similar to current rate 20.3 0.87 19.8 0.75 18.8 0.92 18.2 0.83 18.7 0.86
Price increase less than current rate 6.4 0.57 5.6 0.44 4.7 0.50 5.1 0.45 4.9 0.48
No changes in prices 20.1 0.92 17.1 0.72 12.3 0.73 13.6 0.73 8.9 0.54
Decline in prices 5.2 0.48 4.3 0.42 5.1 0.51 4.3 0.42 4.7 0.43
Household Durables                    
Prices will increase 60.3 1.09 58.8 0.96 65.6 1.10 67.3 0.97 68.6 0.90
Price increase more than current rate 38.2 1.11 37.7 0.94 45.1 1.19 46.5 1.09 47.8 1.11
Price increase similar to current rate 16.2 0.82 16.4 0.70 16.6 0.86 16.2 0.78 15.9 0.77
Price increase less than current rate 5.8 0.59 4.7 0.40 4.0 0.43 4.6 0.43 4.9 0.44
No changes in prices 27.4 1.00 32.2 0.90 25.3 0.99 25.0 0.87 22.7 0.82
Decline in prices 12.3 0.71 9.0 0.56 9.1 0.66 7.7 0.53 8.7 0.54
Cost of Housing                    
Prices will increase 60.7 1.12 54.9 0.94 64.7 1.13 68.7 0.95 74.3 0.94
Price increase more than current rate 40.4 1.14 36.5 0.92 45.9 1.21 49.6 1.07 55.1 1.16
Price increase similar to current rate 15.9 0.80 14.4 0.67 14.5 0.79 15.1 0.77 15.5 0.78
Price increase less than current rate 4.4 0.50 3.9 0.36 4.2 0.46 4.0 0.42 3.7 0.39
No changes in prices 25.9 1.01 30.5 0.89 23.7 0.99 21.9 0.85 19.0 0.82
Decline in prices 13.4 0.84 14.6 0.69 11.6 0.74 9.4 0.59 6.7 0.51
Cost of Services                    
Prices will increase 70.4 1.02 67.6 0.89 74.3 1.02 73.3 0.93 76.5 0.87
Price increase more than current rate 44.8 1.10 44.6 0.94 52.5 1.19 52.1 1.10 53.9 1.20
Price increase similar to current rate 20.3 0.88 18.0 0.71 17.3 0.83 16.8 0.75 17.6 0.80
Price increase less than current rate 5.3 0.50 5.0 0.40 4.5 0.45 4.4 0.41 5.0 0.49
No changes in prices 25.2 0.98 29.2 0.87 22.0 0.95 23.7 0.90 20.2 0.81
Decline in prices 4.4 0.44 3.2 0.35 3.7 0.43 3.0 0.33 3.2 0.34
Note:
1. The table provides estimates and standard errors for qualitative responses.
2. Constituent items may not add up to the corresponding total, due to rounding off.

Table 1(b): Product-wise Expectations of Prices for One Year ahead
(Percentage of Respondents)
Survey period ended Nov-20 May-21 Jul-21 Sep-21 Nov-21
General Estimate SE Estimate SE Estimate SE Estimate SE Estimate SE
Prices will increase 86.5 0.77 86.9 0.65 86.8 0.78 87.7 0.72 90.5 0.59
Price increase more than current rate 59.5 1.09 62.4 0.91 65.6 1.18 66.5 1.10 70.6 1.16
Price increase similar to current rate 22.9 0.92 20.3 0.75 18.3 0.93 18.0 0.85 16.6 0.92
Price increase less than current rate 4.1 0.44 4.2 0.38 2.9 0.38 3.3 0.36 3.3 0.39
No changes in prices 10.3 0.69 10.4 0.58 10.1 0.68 9.3 0.61 6.4 0.46
Decline in prices 3.2 0.39 2.7 0.33 3.1 0.41 2.9 0.36 3.1 0.35
Food Product                    
Prices will increase 77.7 0.97 81.7 0.76 80.8 0.87 81.6 0.79 84.5 0.74
Price increase more than current rate 48.4 1.10 53.5 0.95 55.9 1.18 57.4 1.12 60.3 1.21
Price increase similar to current rate 24.0 0.93 22.6 0.77 20.7 0.98 19.5 0.89 19.9 0.92
Price increase less than current rate 5.4 0.48 5.6 0.43 4.2 0.45 4.7 0.45 4.4 0.42
No changes in prices 14.3 0.82 12.5 0.64 12.6 0.73 11.9 0.66 9.5 0.58
Decline in prices 8.0 0.58 5.8 0.46 6.6 0.54 6.5 0.47 6.0 0.47
Non- Food Product                    
Prices will increase 75.0 0.98 79.2 0.78 80.3 0.91 81.5 0.81 85.1 0.72
Price increase more than current rate 45.6 1.13 51.8 0.96 56.8 1.21 57.9 1.13 61.8 1.20
Price increase similar to current rate 23.5 0.93 21.8 0.76 19.0 0.91 19.5 0.85 18.9 0.87
Price increase less than current rate 5.9 0.55 5.7 0.44 4.6 0.48 4.1 0.40 4.4 0.46
No changes in prices 19.3 0.89 15.8 0.70 13.4 0.76 13.2 0.71 9.6 0.57
Decline in prices 5.8 0.51 5.0 0.44 6.2 0.57 5.3 0.42 5.4 0.44
Household Durables                    
Prices will increase 65.0 1.08 64.7 0.94 69.1 1.06 71.5 0.98 75.0 0.88
Price increase more than current rate 39.9 1.08 41.2 0.94 47.0 1.18 49.4 1.10 52.4 1.17
Price increase similar to current rate 19.7 0.88 18.6 0.72 18.3 0.88 17.5 0.83 18.1 0.86
Price increase less than current rate 5.4 0.54 4.9 0.39 3.8 0.41 4.5 0.45 4.5 0.45
No changes in prices 24.6 1.01 26.7 0.86 22.7 0.97 22.3 0.89 18.0 0.75
Decline in prices 10.3 0.68 8.6 0.55 8.2 0.62 6.2 0.47 6.9 0.48
Cost of Housing                    
Prices will increase 72.1 1.01 65.4 0.93 71.8 1.08 76.5 0.87 82.4 0.78
Price increase more than current rate 47.8 1.10 43.5 0.97 50.9 1.21 55.2 1.09 60.6 1.16
Price increase similar to current rate 19.8 0.87 17.5 0.71 16.6 0.87 16.8 0.81 17.8 0.86
Price increase less than current rate 4.5 0.44 4.5 0.40 4.2 0.44 4.5 0.43 3.9 0.40
No changes in prices 19.2 0.86 23.3 0.83 19.8 0.92 17.3 0.78 12.8 0.67
Decline in prices 8.7 0.65 11.2 0.62 8.4 0.68 6.2 0.47 4.8 0.41
Cost of Services                    
Prices will increase 77.2 0.98 76.5 0.82 80.9 0.88 79.8 0.85 83.6 0.73
Price increase more than current rate 49.0 1.11 50.0 0.94 55.9 1.17 56.7 1.14 59.6 1.21
Price increase similar to current rate 22.2 0.87 21.3 0.75 20.5 0.91 18.8 0.85 19.0 0.89
Price increase less than current rate 6.1 0.55 5.2 0.43 4.5 0.47 4.3 0.43 5.0 0.47
No changes in prices 18.6 0.91 20.1 0.77 15.7 0.80 16.6 0.77 13.4 0.66
Decline in prices 4.2 0.45 3.4 0.36 3.4 0.42 3.6 0.38 3.1 0.34
Note:
1. The table provides estimates and standard errors for qualitative responses.
2. Constituent items may not add up to the corresponding total, due to rounding off.

Table 1(c): General Prices for Three Months and One Year ahead – Expectations of Common Respondents in the Regular November 2021 Survey and Extended Survey of early December 2021
(Percentage of Respondents)
General Three Months Ahead One Year Ahead
Regular Extension Regular Extension
Estimate SE Estimate SE Estimate SE Estimate SE
Prices will increase 89.6 1.50 80.3 1.94 90.9 1.53 85.8 1.71
Price increase more than current rate 64.8 2.41 54.3 2.43 68.0 2.37 59.1 2.49
Price increase similar to current rate 20.7 1.98 21.1 2.07 18.6 1.91 21.9 2.11
Price increase less than current rate 4.0 0.98 4.9 1.01 4.3 1.07 4.8 1.03
No changes in prices 8.4 1.42 12.2 1.69 5.7 1.11 9.1 1.45
Decline in prices 2.1 0.79 7.5 1.29 3.4 1.06 5.1 1.03

Table 2: Inflation Expectations of Various Groups: November 2021
  Current Perception Three Months ahead Expectation One Year ahead Expectation
Mean Median Mean Median Mean Median
Estimate SE Estimate SE Estimate SE Estimate SE Estimate SE Estimate SE
Overall 10.7 0.11 10.4 0.05 11.9 0.11 12.3 0.28 11.5 0.12 12.6 0.29
Gender-wise                        
Male 11.2 0.14 10.6 0.07 12.3 0.13 13.2 0.46 11.7 0.17 13.5 0.71
Female 10.2 0.15 10.2 0.07 11.6 0.15 11.3 0.45 11.4 0.17 12.1 0.49
Category-wise                        
Financial Sector Employees 10.9 0.44 10.5 0.62 11.1 0.40 10.4 0.75 11.3 0.54 12.9 1.93
Other Employees 11.0 0.20 10.5 0.10 12.1 0.20 12.8 0.66 11.9 0.22 13.4 0.85
Self Employed 11.4 0.21 10.7 0.09 12.6 0.20 14.7 0.75 11.8 0.24 14.4 0.92
Homemaker 10.1 0.18 10.2 0.08 11.6 0.18 11.4 0.50 11.2 0.22 11.9 0.60
Retired Persons 11.9 0.34 12.1 1.67 12.7 0.35 15.0 1.02 12.1 0.50 15.6 0.54
Daily Workers 10.8 0.27 10.5 0.14 12.0 0.27 12.7 0.68 11.3 0.37 13.0 0.98
Other category 10.6 0.27 10.3 0.12 11.8 0.26 11.7 0.59 11.7 0.29 12.7 0.68
Age Group-wise                        
Up to 25 years 10.1 0.21 9.9 0.24 11.4 0.21 11.0 0.37 11.3 0.26 11.9 0.59
25 to 30 years 10.4 0.21 10.2 0.10 11.7 0.21 11.8 0.57 11.3 0.24 11.8 0.58
30 to 35 years 10.6 0.22 10.3 0.10 11.7 0.21 11.4 0.54 11.4 0.26 12.1 0.65
35 to 40 years 10.8 0.21 10.4 0.09 11.9 0.20 12.3 0.59 11.5 0.25 13.0 0.91
40 to 45 years 10.8 0.23 10.4 0.09 12.1 0.23 12.4 0.78 11.8 0.28 13.5 0.96
45 to 50 years 11.0 0.26 10.5 0.09 12.3 0.25 13.5 1.01 11.6 0.33 13.7 1.13
50 to 55 years 11.4 0.30 10.7 0.16 12.5 0.29 14.2 1.03 11.6 0.37 14.0 1.14
55 to 60 years 11.1 0.29 10.6 0.12 12.3 0.29 13.6 0.99 11.8 0.35 14.0 1.09
60 years and above 11.7 0.29 10.9 0.44 12.6 0.29 14.6 0.91 11.5 0.35 14.4 1.17
City-wise                        
Ahmedabad 10.6 0.55 9.9 1.10 11.8 0.52 11.5 1.53 11.7 0.52 11.8 1.49
Bengaluru 11.0 0.32 10.6 0.12 12.3 0.30 14.6 1.01 11.9 0.34 15.4 0.53
Bhopal 9.4 0.74 9.0 1.67 10.9 0.68 11.0 1.65 10.1 0.59 10.3 0.97
Bhubaneswar 8.7 0.87 7.6 1.37 9.9 0.95 9.0 1.41 8.8 0.82 9.1 1.19
Chennai 10.0 0.39 10.3 0.20 12.0 0.39 13.5 1.17 11.9 0.41 14.8 0.93
Delhi 11.5 0.23 10.7 0.11 12.5 0.25 14.4 1.05 12.0 0.34 15.1 0.83
Guwahati 7.5 0.57 6.7 0.50 8.1 0.40 7.8 0.50 8.3 0.75 8.2 0.86
Hyderabad 10.8 0.54 10.6 0.40 12.3 0.49 13.9 1.36 11.8 0.57 14.7 1.12
Jaipur 10.6 0.45 10.1 0.34 11.6 0.53 11.2 0.70 11.6 0.61 11.9 1.03
Kolkata 10.7 0.35 10.4 0.16 11.9 0.31 12.0 0.62 11.7 0.30 12.3 0.65
Lucknow 12.2 0.42 12.7 1.89 13.1 0.39 15.4 0.65 12.2 0.53 14.9 1.39
Mumbai 11.0 0.22 10.2 0.19 12.2 0.21 12.1 0.61 11.3 0.27 12.0 0.55
Nagpur 10.9 0.72 10.4 0.91 12.1 0.81 13.3 2.04 11.4 0.66 12.7 1.93
Patna 10.6 0.64 10.2 0.51 11.6 0.69 11.8 1.59 12.1 0.68 12.7 1.74
Thiruvananthapuram 6.7 0.48 5.5 0.19 8.7 0.56 7.8 0.66 10.6 0.56 10.5 0.71
Chandigarh 9.2 0.61 8.7 0.68 9.9 0.55 9.7 0.43 9.3 0.80 9.7 0.49
Ranchi 8.1 0.33 7.2 0.40 8.8 0.37 8.0 0.40 8.3 0.66 8.4 0.70
Raipur 7.0 0.58 6.5 0.75 8.1 0.76 7.7 0.90 8.6 1.10 8.2 2.05
Note: The table provides estimates and standard errors for quantitative responses.

Table 3(a): Households’ Current Perception, Three Months and One Year Ahead Expectations
  Current Perception Three Months ahead Expectation One Year ahead Expectation
Mean Median Mean Median Mean Median
Estimate SE Estimate SE Estimate SE Estimate SE Estimate SE Estimate SE
Nov-20 9.5 0.11 8.8 0.18 10.4 0.11 10.1 0.09 9.8 0.13 10.1 0.11
May-21 10.4 0.09 10.2 0.04 11.4 0.09 10.8 0.07 10.7 0.11 10.9 0.12
Jul-21 10.5 0.11 10.3 0.06 11.7 0.11 11.3 0.42 11.0 0.13 11.5 0.49
Sep-21 10.4 0.11 10.2 0.06 11.4 0.11 10.8 0.10 10.8 0.13 10.9 0.16
Nov-21 10.7 0.11 10.4 0.05 11.9 0.11 12.3 0.28 11.5 0.12 12.6 0.29
Note: The table provides estimates and standard errors for quantitative responses.

Table 3(b): Current Perception, Three Months and One Year Ahead Expectations of Common Respondents in the Regular November 2021 Survey and Extended Survey of early December 2021
  Current Perception Three Months ahead Expectation One Year ahead Expectation
Mean Median Mean Median Mean Median
Estimate SE Estimate SE Estimate SE Estimate SE Estimate SE Estimate SE
Regular 10.8 0.23 10.4 0.12 12.0 0.22 11.9 0.65 11.5 0.26 12.3 0.67
Extension 10.5 0.25 10.1 0.24 11.2 0.25 10.8 0.27 10.5 0.28 10.9 0.31
Note: The table provides estimates and standard errors for quantitative responses.

Table 4: Households Expecting General Price Movements in Coherence with Movements in Price Expectations of Various Product Groups: Three Months Ahead and One Year Ahead
(Percentage of Respondents)
Survey period ended Food Non-Food Households durables Housing Cost of services
Three Months Ahead
Nov-20 62.7 63.5 52.4 54.0 60.7
May-21 68.0 65.1 51.8 50.3 60.5
Jul-21 67.6 69.0 58.4 56.9 65.0
Sep-21 68.9 69.0 59.4 59.9 66.5
Nov-21 69.7 70.4 58.8 63.3 65.5
One Year Ahead
Nov-20 66.4 65.9 56.7 62.1 68.9
May-21 68.3 67.1 57.7 57.1 67.2
Jul-21 70.1 71.0 63.3 63.5 71.4
Sep-21 71.4 72.8 64.7 67.0 73.6
Nov-21 73.6 74.7 66.1 70.0 73.1
Note: Figures are based on sample observations

Table 5(a): Cross-tabulation of Number of Respondents by Current Inflation Perception and Three Months Ahead Inflation Expectations: November 2021
Three Months Ahead Inflation Rate (per cent)
Current Inflation Rate (per cent)   <1 1-<2 2-<3 3-<4 4-<5 5-<6 6-<7 7-<8 8-<9 9-<10 10-<11 11-<12 12-<13 13-<14 14-<15 15-<16 >=16 No idea Total
<1 3 2 1 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 8
1-<2 1 15 8 5 2 2 0 0 0 0 0 0 0 0 0 0 0 0 33
2-<3 0 6 32 48 34 21 4 0 0 0 0 0 0 0 0 0 0 0 145
3-<4 1 1 7 38 41 46 17 1 3 0 1 0 0 0 0 0 1 0 157
4-<5 0 0 2 3 55 78 28 8 8 0 4 0 1 0 0 1 0 0 188
5-<6 0 1 6 19 18 246 121 157 69 9 113 3 2 2 0 16 4 0 786
6-<7 0 0 0 3 3 5 100 57 67 11 22 1 3 2 0 1 1 0 276
7-<8 0 0 0 3 1 4 11 109 82 61 64 3 11 1 0 4 1 0 355
8-<9 1 0 0 0 3 2 6 4 113 63 130 18 23 3 2 6 3 0 377
9-<10 0 0 0 0 0 3 0 4 0 62 68 37 33 8 3 2 3 0 223
10-<11 0 0 0 0 1 26 4 10 16 7 339 52 203 64 24 329 183 0 1258
11-<12 0 0 0 0 0 0 0 0 0 2 0 11 10 12 3 6 1 0 45
12-<13 0 0 0 0 0 0 0 0 1 0 2 0 28 15 22 39 20 0 127
13-<14 0 0 0 0 0 0 0 0 0 0 0 0 1 4 7 8 2 0 22
14-<15 0 0 0 0 0 0 0 0 0 0 0 0 1 0 6 1 17 0 25
15-<16 0 0 0 0 0 1 0 1 2 0 5 1 0 1 3 90 229 0 333
>=16 1 0 0 0 0 7 0 1 1 0 31 1 0 3 0 26 1480 1 1552
Total 7 25 56 121 158 441 291 352 362 215 779 127 316 115 70 529 1945 1 5910
Note: Figures are based on sample observations

Table 5(b): Cross-tabulation of Number of Respondents by Current Inflation Perception and One Year Ahead Inflation Expectations: November 2021
One Year Ahead Inflation Rate (per cent)
Current Inflation Rate (per cent)   <1 1-<2 2-<3 3-<4 4-<5 5-<6 6-<7 7-<8 8-<9 9-<10 10-<11 11-<12 12-<13 13-<14 14-<15 15-<16 >=16 No idea Total
<1 3 0 1 2 0 2 0 0 0 0 0 0 0 0 0 0 0 0 8
1-<2 5 7 6 4 3 7 0 0 1 0 0 0 0 0 0 0 0 0 33
2-<3 20 2 16 23 33 31 3 5 3 2 6 0 1 0 0 0 0 0 145
3-<4 14 1 4 25 28 33 21 9 7 2 8 1 0 1 0 3 0 0 157
4-<5 21 1 2 1 35 37 42 12 18 2 9 1 1 0 0 4 2 0 188
5-<6 84 0 3 10 10 144 69 136 75 27 126 5 16 2 4 44 26 5 786
6-<7 36 0 0 0 2 3 59 36 59 25 32 3 9 0 1 3 8 0 276
7-<8 19 0 0 1 2 7 7 65 47 59 97 13 13 6 3 6 10 0 355
8-<9 25 0 0 0 0 3 2 1 72 36 121 30 43 4 8 15 17 0 377
9-<10 19 0 0 0 0 0 0 2 2 31 43 33 46 12 5 20 10 0 223
10-<11 98 0 0 0 1 9 1 7 7 8 216 26 133 48 39 302 362 1 1258
11-<12 8 0 0 0 0 0 0 0 0 0 0 4 4 10 6 8 5 0 45
12-<13 12 0 0 0 0 0 0 0 1 0 2 0 15 8 17 27 45 0 127
13-<14 3 0 0 0 0 0 0 0 0 0 0 0 0 4 0 9 6 0 22
14-<15 1 0 0 0 0 0 0 0 0 0 0 0 1 0 5 0 18 0 25
15-<16 30 0 0 0 0 0 0 1 0 0 9 0 1 0 1 52 239 0 333
>=16 170 0 0 0 0 2 0 0 1 1 16 0 0 0 0 12 1349 1 1552
Total 568 11 32 66 114 278 204 274 293 193 685 116 283 95 89 505 2097 7 5910
Note: Figures are based on sample observations

1 The survey results reflect the respondents’ views, which are not necessarily shared by the Reserve Bank. Results of the previous survey round were released on the Bank’s website on October 08, 2021.

2 The survey is conducted at bi-monthly intervals by the Reserve Bank of India. It provides directional information on near-term inflationary pressures as expected by the respondents and may reflect their own consumption patterns. Hence, they should be treated as households’ sentiments on inflation.

3 Unit-level data for previous rounds of the survey are available on the Database on Indian Economy (DBIE) portal of the Bank (weblink: https://dbie.rbi.org.in/DBIE/dbie.rbi?site=unitLevelData).

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