आज, रिज़र्व बैंक ने अपने द्विमासिक मुद्रास्फीति पर घरेलू अपेक्षाओं का सर्वेक्षण (आईईएसएच)1 2 के जनवरी 2026 दौर के परिणाम जारी किए। यह सर्वेक्षण 2-11 जनवरी 2026 के दौरान 19 प्रमुख शहरों में आयोजित किया गया था, जिसमें 6,079 प्रतिक्रियाएं प्राप्त हुईं।
| Table 1(a): Product-wise Expectations of Prices for Three Months ahead |
| (Percentage of Respondents) |
| Survey period ended |
Jan-25 |
Jul-25 |
Sep-25 |
Nov-25 |
Jan-26 |
| General |
Estimate |
SE |
Estimate |
SE |
Estimate |
SE |
Estimate |
SE |
Estimate |
SE |
| Prices will increase |
81.6 |
0.79 |
79.5 |
1.22 |
77.8 |
0.90 |
74.6 |
0.90 |
78.6 |
0.91 |
| Price increase more than current rate |
57.9 |
1.11 |
52.7 |
1.58 |
51.5 |
1.20 |
50.7 |
1.14 |
54.6 |
1.20 |
| Price increase similar to current rate |
19.2 |
0.86 |
24.0 |
1.42 |
23.1 |
0.89 |
20.2 |
0.87 |
20.6 |
0.87 |
| Price increase less than current rate |
4.4 |
0.44 |
2.8 |
0.39 |
3.1 |
0.36 |
3.7 |
0.38 |
3.3 |
0.37 |
| No changes in prices |
16.5 |
0.76 |
18.4 |
1.18 |
18.5 |
0.85 |
21.5 |
0.84 |
18.9 |
0.88 |
| Decline in prices |
2.0 |
0.29 |
2.1 |
0.35 |
3.7 |
0.43 |
3.9 |
0.41 |
2.5 |
0.35 |
| Food Product |
|
|
|
|
|
|
|
|
|
|
| Prices will increase |
83.2 |
0.77 |
80.0 |
1.36 |
79.0 |
0.90 |
74.9 |
0.84 |
80.0 |
0.81 |
| Price increase more than current rate |
59.3 |
1.03 |
53.1 |
1.60 |
51.5 |
1.22 |
50.5 |
1.04 |
55.7 |
1.11 |
| Price increase similar to current rate |
17.3 |
0.78 |
23.8 |
1.37 |
22.2 |
1.00 |
18.2 |
0.77 |
18.9 |
0.81 |
| Price increase less than current rate |
6.7 |
0.53 |
3.1 |
0.41 |
5.3 |
0.45 |
6.2 |
0.49 |
5.4 |
0.46 |
| No changes in prices |
11.5 |
0.66 |
15.9 |
1.30 |
14.2 |
0.80 |
16.1 |
0.72 |
14.5 |
0.71 |
| Decline in prices |
5.3 |
0.45 |
4.1 |
0.47 |
6.8 |
0.53 |
8.9 |
0.58 |
5.5 |
0.46 |
| Non- Food Product |
|
|
|
|
|
|
|
|
|
|
| Prices will increase |
75.2 |
0.86 |
74.3 |
1.33 |
73.4 |
0.91 |
67.8 |
0.95 |
72.2 |
0.93 |
| Price increase more than current rate |
52.5 |
1.04 |
50.6 |
1.45 |
49.4 |
1.19 |
44.3 |
1.08 |
48.8 |
1.16 |
| Price increase similar to current rate |
16.8 |
0.74 |
20.2 |
1.23 |
18.7 |
0.89 |
17.6 |
0.76 |
18.3 |
0.82 |
| Price increase less than current rate |
6.0 |
0.47 |
3.5 |
0.42 |
5.3 |
0.45 |
5.9 |
0.46 |
5.1 |
0.43 |
| No changes in prices |
20.4 |
0.79 |
21.8 |
1.27 |
20.1 |
0.80 |
24.7 |
0.87 |
22.7 |
0.87 |
| Decline in prices |
4.4 |
0.40 |
3.9 |
0.46 |
6.5 |
0.54 |
7.5 |
0.54 |
5.2 |
0.46 |
| Household Durables |
|
|
|
|
|
|
|
|
|
|
| Prices will increase |
67.0 |
0.99 |
67.4 |
1.14 |
67.8 |
0.97 |
53.2 |
1.02 |
61.3 |
1.05 |
| Price increase more than current rate |
46.9 |
1.09 |
46.6 |
1.28 |
49.5 |
1.16 |
36.1 |
1.03 |
42.4 |
1.10 |
| Price increase similar to current rate |
14.7 |
0.71 |
17.5 |
0.98 |
14.1 |
0.69 |
13.4 |
0.70 |
15.1 |
0.74 |
| Price increase less than current rate |
5.4 |
0.45 |
3.2 |
0.38 |
4.2 |
0.39 |
3.8 |
0.38 |
3.9 |
0.36 |
| No changes in prices |
25.3 |
0.92 |
25.9 |
1.05 |
21.5 |
0.83 |
29.4 |
0.91 |
28.2 |
0.99 |
| Decline in prices |
7.8 |
0.50 |
6.7 |
0.57 |
10.7 |
0.62 |
17.4 |
0.75 |
10.4 |
0.59 |
| Cost of Housing |
|
|
|
|
|
|
|
|
|
|
| Prices will increase |
78.5 |
0.91 |
77.7 |
1.10 |
77.1 |
0.88 |
77.4 |
0.86 |
78.5 |
0.86 |
| Price increase more than current rate |
58.0 |
1.10 |
55.5 |
1.32 |
54.9 |
1.15 |
54.8 |
1.12 |
57.8 |
1.10 |
| Price increase similar to current rate |
15.6 |
0.75 |
19.7 |
1.11 |
18.9 |
0.87 |
17.9 |
0.78 |
17.5 |
0.76 |
| Price increase less than current rate |
4.9 |
0.44 |
2.5 |
0.38 |
3.4 |
0.34 |
4.7 |
0.40 |
3.2 |
0.34 |
| No changes in prices |
18.3 |
0.87 |
19.1 |
1.04 |
18.7 |
0.81 |
18.5 |
0.81 |
17.9 |
0.81 |
| Decline in prices |
3.2 |
0.36 |
3.2 |
0.41 |
4.2 |
0.41 |
4.1 |
0.39 |
3.5 |
0.36 |
| Cost of Services |
|
|
|
|
|
|
|
|
|
|
| Prices will increase |
68.4 |
0.99 |
71.7 |
1.11 |
66.1 |
1.00 |
63.8 |
0.97 |
68.4 |
0.96 |
| Price increase more than current rate |
48.2 |
1.10 |
50.7 |
1.42 |
46.2 |
1.17 |
43.3 |
1.11 |
47.3 |
1.14 |
| Price increase similar to current rate |
14.9 |
0.74 |
17.6 |
1.11 |
15.7 |
0.72 |
16.1 |
0.73 |
17.5 |
0.79 |
| Price increase less than current rate |
5.4 |
0.45 |
3.3 |
0.41 |
4.2 |
0.40 |
4.4 |
0.42 |
3.6 |
0.38 |
| No changes in prices |
28.4 |
0.96 |
25.6 |
1.07 |
30.0 |
0.98 |
32.5 |
0.95 |
28.3 |
0.96 |
| Decline in prices |
3.1 |
0.36 |
2.8 |
0.38 |
3.8 |
0.43 |
3.7 |
0.39 |
3.2 |
0.37 |
| Note: |
| 1. The table provides estimates and standard errors (SE) 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 |
Jan-25 |
Jul-25 |
Sep-25 |
Nov-25 |
Jan-26 |
| General |
Estimate |
SE |
Estimate |
SE |
Estimate |
SE |
Estimate |
SE |
Estimate |
SE |
| Prices will increase |
90.6 |
0.62 |
88.1 |
1.15 |
86.8 |
0.79 |
83.6 |
0.75 |
88.8 |
0.69 |
| Price increase more than current rate |
68.7 |
1.06 |
63.2 |
1.73 |
61.8 |
1.22 |
60.0 |
1.17 |
63.6 |
1.13 |
| Price increase similar to current rate |
18.1 |
0.87 |
20.1 |
1.40 |
21.7 |
0.94 |
20.6 |
0.88 |
22.9 |
0.93 |
| Price increase less than current rate |
3.8 |
0.43 |
4.9 |
0.64 |
3.3 |
0.36 |
3.1 |
0.34 |
2.3 |
0.30 |
| No changes in prices |
7.4 |
0.55 |
9.8 |
1.11 |
10.0 |
0.70 |
13.0 |
0.65 |
8.5 |
0.60 |
| Decline in prices |
2.0 |
0.29 |
2.1 |
0.35 |
3.2 |
0.41 |
3.4 |
0.41 |
2.6 |
0.34 |
| Food Product |
|
|
|
|
|
|
|
|
|
|
| Prices will increase |
88.8 |
0.65 |
84.8 |
1.18 |
83.3 |
0.95 |
81.8 |
0.80 |
85.5 |
0.75 |
| Price increase more than current rate |
63.5 |
1.10 |
57.9 |
1.66 |
56.5 |
1.34 |
54.0 |
1.14 |
58.9 |
1.17 |
| Price increase similar to current rate |
19.7 |
0.89 |
23.7 |
1.46 |
22.8 |
1.03 |
22.9 |
0.86 |
22.2 |
0.90 |
| Price increase less than current rate |
5.6 |
0.51 |
3.2 |
0.41 |
4.0 |
0.41 |
4.9 |
0.44 |
4.5 |
0.42 |
| No changes in prices |
7.7 |
0.55 |
11.6 |
1.12 |
11.5 |
0.80 |
12.8 |
0.66 |
10.1 |
0.63 |
| Decline in prices |
3.5 |
0.36 |
3.6 |
0.42 |
5.2 |
0.49 |
5.4 |
0.47 |
4.4 |
0.43 |
| Non- Food Product |
|
|
|
|
|
|
|
|
|
|
| Prices will increase |
83.3 |
0.78 |
80.7 |
1.23 |
79.7 |
0.96 |
78.1 |
0.82 |
80.5 |
0.83 |
| Price increase more than current rate |
59.4 |
1.16 |
55.2 |
1.66 |
53.6 |
1.27 |
52.7 |
1.11 |
56.5 |
1.17 |
| Price increase similar to current rate |
18.6 |
0.84 |
22.3 |
1.41 |
21.6 |
0.96 |
20.1 |
0.80 |
19.9 |
0.83 |
| Price increase less than current rate |
5.2 |
0.46 |
3.1 |
0.44 |
4.4 |
0.42 |
5.2 |
0.45 |
4.2 |
0.40 |
| No changes in prices |
13.2 |
0.69 |
15.7 |
1.17 |
15.4 |
0.84 |
16.6 |
0.72 |
15.4 |
0.75 |
| Decline in prices |
3.6 |
0.37 |
3.6 |
0.44 |
4.9 |
0.46 |
5.3 |
0.48 |
4.1 |
0.41 |
| Household Durables |
|
|
|
|
|
|
|
|
|
|
| Prices will increase |
76.3 |
0.90 |
77.7 |
1.53 |
78.1 |
0.90 |
68.0 |
0.95 |
72.9 |
0.91 |
| Price increase more than current rate |
54.3 |
1.13 |
56.2 |
1.63 |
58.0 |
1.17 |
46.1 |
1.12 |
51.4 |
1.14 |
| Price increase similar to current rate |
17.0 |
0.80 |
18.3 |
1.13 |
16.5 |
0.81 |
17.4 |
0.77 |
17.8 |
0.80 |
| Price increase less than current rate |
5.0 |
0.47 |
3.2 |
0.41 |
3.7 |
0.37 |
4.5 |
0.44 |
3.7 |
0.37 |
| No changes in prices |
18.0 |
0.82 |
18.7 |
1.49 |
14.2 |
0.72 |
21.1 |
0.80 |
19.3 |
0.84 |
| Decline in prices |
5.6 |
0.43 |
3.6 |
0.42 |
7.7 |
0.57 |
11.0 |
0.65 |
7.8 |
0.53 |
| Cost of Housing |
|
|
|
|
|
|
|
|
|
|
| Prices will increase |
88.7 |
0.66 |
87.8 |
0.78 |
87.5 |
0.70 |
87.9 |
0.67 |
88.0 |
0.65 |
| Price increase more than current rate |
67.6 |
1.05 |
64.8 |
1.44 |
63.8 |
1.14 |
64.9 |
1.08 |
66.9 |
1.06 |
| Price increase similar to current rate |
17.0 |
0.80 |
20.1 |
1.24 |
20.3 |
0.93 |
19.2 |
0.86 |
18.4 |
0.83 |
| Price increase less than current rate |
4.1 |
0.45 |
2.8 |
0.37 |
3.4 |
0.35 |
3.8 |
0.37 |
2.8 |
0.31 |
| No changes in prices |
8.8 |
0.59 |
9.3 |
0.70 |
9.1 |
0.58 |
8.6 |
0.56 |
8.8 |
0.56 |
| Decline in prices |
2.5 |
0.31 |
3.0 |
0.39 |
3.4 |
0.39 |
3.5 |
0.40 |
3.2 |
0.37 |
| Cost of Services |
|
|
|
|
|
|
|
|
|
|
| Prices will increase |
81.9 |
0.85 |
84.8 |
0.85 |
81.2 |
0.83 |
79.0 |
0.85 |
81.9 |
0.80 |
| Price increase more than current rate |
58.8 |
1.15 |
61.5 |
1.45 |
58.4 |
1.15 |
55.1 |
1.16 |
57.2 |
1.16 |
| Price increase similar to current rate |
18.2 |
0.82 |
20.1 |
1.24 |
18.5 |
0.83 |
19.2 |
0.83 |
20.5 |
0.85 |
| Price increase less than current rate |
5.0 |
0.47 |
3.2 |
0.41 |
4.4 |
0.41 |
4.7 |
0.45 |
4.1 |
0.39 |
| No changes in prices |
15.5 |
0.79 |
12.5 |
0.79 |
15.4 |
0.77 |
17.6 |
0.77 |
15.2 |
0.75 |
| Decline in prices |
2.6 |
0.33 |
2.7 |
0.38 |
3.4 |
0.42 |
3.4 |
0.41 |
2.9 |
0.36 |
| Note: |
| 1. The table provides estimates and standard errors (SE) for qualitative responses. |
| 2. Constituent items may not add up to the corresponding total, due to rounding off. |