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PDF - Rural Consumer Confidence Survey ()
Date : Feb 06, 2026
Rural Consumer Confidence Survey

Today, the Reserve Bank released the results of January 2026 round of its bi-monthly Rural Consumer Confidence Survey (RCCS)1 2. The survey collects current perceptions (vis-à-vis a year ago) and one year ahead expectations of households, on general economic situation, employment scenario, overall price situation, own income and spending. The survey also collates information on households' current perception and their year ahead expectation on inflation. The latest round of the survey was conducted during January 2-11, 2026, covering 8,909 responses of households in the rural and semi-urban areas across all Indian states and three major UTs.

Highlights:

  1. The Current Situation Index (CSI)3 has remained range bound above the neutral level over the last six survey rounds (Chart 1; Table 9).

  2. The one-year-ahead outlook has shown steady improvement since the September 2024 round, remaining firmly in the optimistic territory (Chart 1).

  3. On a net basis, respondents’ perception on prices and inflation worsened in the latest survey round. However, the share of households reporting no change in prices and inflation has increased (Tables 3 and 4).

  4. Households’ current inflation perception increased by 50 bps to 5.1 per cent in current round of the survey. Moreover, their one-year ahead expectation marginally inched up by 10 bps to 6.2 per cent (Table 12).

Chart 1: Rural Consumer Confidence Indices

Note: Please see the excel file for time series data4

Summary based on Net Responses

Table 1: Perceptions and Expectations on the General Economic Situation
(Percentage responses)
Survey Round Current Perception One year ahead Expectation
Improved Remained Same Worsened Net Response Will Improve Will Remain Same Will Worsen Net Response
Jan-25 39.4 25.2 35.4 4.0 58.8 17.0 24.2 34.6
Mar-25 41.4 23.8 34.7 6.7 60.0 16.6 23.4 36.6
May-25 40.8 25.3 33.9 6.9 60.3 16.7 23.1 37.2
Jul-25 41.6 24.0 34.4 7.1 59.6 21.2 19.2 40.4
Sep-25 39.4 28.4 32.2 7.2 58.4 23.5 18.1 40.3
Nov-25 40.0 27.4 32.7 7.3 58.7 23.0 18.3 40.4
Jan-26 40.3 26.9 32.8 7.5 59.5 23.0 17.5 42.0

Table 2: Perceptions and Expectations on Employment
(Percentage responses)
Survey Round Current Perception One year ahead Expectation
Improved Remained Same Worsened Net Response Will Improve Will Remain Same Will Worsen Net Response
Jan-25 38.4 25.8 35.8 2.6 58.9 19.0 22.1 36.8
Mar-25 39.6 24.9 35.4 4.2 59.8 18.8 21.5 38.3
May-25 39.9 25.0 35.2 4.7 59.9 18.7 21.4 38.5
Jul-25 38.0 28.8 33.3 4.7 57.6 24.7 17.7 39.9
Sep-25 36.0 33.1 30.9 5.0 57.0 26.2 16.7 40.3
Nov-25 36.5 31.6 31.8 4.7 57.3 25.9 16.7 40.6
Jan-26 36.2 32.7 31.1 5.2 57.4 26.8 15.8 41.6

Table 3: Perceptions and Expectations on Price Level
(Percentage responses)
Survey Round Current Perception One year ahead Expectation
Increased Remained Same Decreased Net Response Will Increase Will Remain Same Will Decrease Net Response
Jan-25 96.2 3.3 0.4 -95.8 90.0 5.0 5.1 -84.9
Mar-25 95.1 3.4 1.5 -93.6 88.7 5.4 5.9 -82.8
May-25 94.6 3.9 1.5 -93.1 88.5 4.9 6.6 -81.9
Jul-25 94.2 3.6 2.2 -92.0 88.5 3.9 7.7 -80.8
Sep-25 94.4 3.5 2.2 -92.2 83.9 11.5 4.6 -79.3
Nov-25 92.8 1.8 5.4 -87.4 82.6 11.6 5.9 -76.7
Jan-26 90.8 7.4 1.8 -89.0 82.1 12.9 5.0 -77.1

Table 4: Perceptions and Expectations on Rate of Change in Price Level (Inflation)*
(Percentage responses)
Survey Round Current Perception One year ahead Expectation
Increased Remained Same Decreased Net Response Will Increase Will Remain Same Will Decrease Net Response
Jan-25 80.4 16.5 3.1 -77.3 80.5 16.3 3.2 -77.2
Mar-25 78.3 17.4 4.3 -74.0 79.3 16.0 4.7 -74.6
May-25 77.6 17.8 4.6 -73.0 77.9 16.9 5.1 -72.8
Jul-25 77.4 16.9 5.8 -71.6 77.9 16.7 5.5 -72.3
Sep-25 76.9 17.9 5.2 -71.8 79.5 12.0 8.5 -71.0
Nov-25 76.9 11.5 11.6 -65.3 77.0 12.3 10.7 -66.3
Jan-26 76.2 14.5 9.3 -67.0 75.2 17.8 7.1 -68.1
Notes: *Applicable only for those respondents who felt price has increased/price will increase.

Table 5: Perceptions and Expectations on Income
(Percentage responses)
Survey Round Current Perception One year ahead Expectation
Increased Remained Same Decreased Net Response Will Increase Will Remain Same Will Decrease Net Response
Jan-25 23.7 45.6 30.7 -7.0 58.4 30.1 11.5 47.0
Mar-25 24.7 45.3 29.9 -5.2 59.0 30.8 10.3 48.7
May-25 25.3 44.7 30.0 -4.8 59.7 29.9 10.4 49.3
Jul-25 23.7 49.4 26.8 -3.1 58.0 35.3 6.8 51.2
Sep-25 24.5 49.0 26.5 -2.1 56.3 38.8 4.9 51.4
Nov-25 24.1 49.7 26.3 -2.2 59.1 33.6 7.4 51.7
Jan-26 22.6 51.6 25.9 -3.3 57.1 37.8 5.1 52.0

Table 6: Perceptions and Expectations on Spending
(Percentage responses)
Survey Round Current Perception One year ahead Expectation
Increased Remained Same Decreased Net Response Will Increase Will Remain Same Will Decrease Net Response
Jan-25 87.9 10.3 1.9 86.0 89.0 9.3 1.8 87.2
Mar-25 90.5 7.3 2.2 88.2 90.8 7.4 1.9 88.9
May-25 88.1 10.0 2.0 86.1 89.7 8.3 2.0 87.8
May-25 87.0 12.3 0.7 86.3 90.9 6.3 2.9 88.0
Sep-25 88.2 10.3 1.5 86.7 87.8 11.1 1.1 86.7
Nov-25 84.5 12.5 3.0 81.5 88.8 9.3 1.9 86.9
Jan-26 82.9 16.2 0.9 82.0 89.9 8.2 1.9 88.0

Table 7: Perceptions and Expectations on Spending- Essential Items
(Percentage responses)
Survey Round Current Perception One year ahead Expectation
Increased Remained Same Decreased Net Response Will Increase Will Remain Same Will Decrease Net Response
Jan-25 87.9 9.5 2.6 85.4 89.5 8.2 2.3 87.2
Mar-25 89.8 8.0 2.2 87.6 91.2 6.9 2.0 89.2
May-25 88.3 9.2 2.6 85.7 90.4 7.7 2.0 88.4
May-25 86.7 11.6 1.7 85.0 92.5 4.0 3.5 89.0
Sep-25 88.0 9.4 2.7 85.3 89.1 9.4 1.5 87.7
Nov-25 84.6 12.2 3.2 81.4 88.6 9.1 2.3 86.3
Jan-26 83.8 15.1 1.2 82.6 89.3 8.5 2.2 87.2

Table 8: Perceptions and Expectations on Spending- Non-Essential Items
(Percentage responses)
Survey Round Current Perception One year ahead Expectation
Increased Remained Same Decreased Net Response Will Increase Will Remain Same Will Decrease Net Response
Jan-25 57.3 19.7 23.1 34.2 68.1 19.6 12.4 55.7
Mar-25 58.4 19.1 22.5 35.9 69.6 18.2 12.3 57.3
May-25 58.3 18.6 23.1 35.2 69.3 18.4 12.3 56.9
Jul-25 54.7 27.9 17.4 37.2 73.6 10.1 16.4 57.2
Sep-25 53.0 31.4 15.7 37.3 68.3 21.0 10.8 57.5
Nov-25 53.8 27.8 18.4 35.5 69.6 18.6 11.7 57.9
Jan-26 51.1 33.5 15.4 35.6 69.9 19.6 10.6 59.3

Table 9: Rural Consumer Confidence Indices
Survey Round Current Situation Index (CSI) Future Expectations Index (FEI)
Jan-25 98.0 124.1
Mar-25 100.1 125.9
May-25 100.0 126.2
Jul-25 100.6 127.7
Sep-25 100.9 127.9
Nov-25 100.8 128.6
Jan-26 100.5 129.3

Table 10: Current Period Median Inflation Perception of the Various Groups
  Jul-25 Sep-25 Nov-25 Jan-26
Estimate SE Estimate SE Estimate SE Estimate SE
Overall 6.3 0.17 5.9 0.13 4.6 0.12 5.1 0.09
Gender-wise                
Male 6.3 0.17 6.0 0.18 4.4 0.15 5.1 0.10
Female 6.4 0.27 5.9 0.19 4.8 0.15 5.0 0.14
Category-wise                
Salaried Employees 6.7 0.35 6.7 0.43 4.5 0.26 5.2 0.16
Self Employed 6.1 0.22 6.1 0.26 4.6 0.21 5.0 0.17
Homemakers 6.5 0.28 6 0.26 4.8 0.17 4.9 0.15
Retired Persons 6.2 0.5 6 0.65 4.9 0.37 6.3 0.52
Daily Workers 6.1 0.18 5.9 0.22 4.5 0.26 5.2 0.15
Others 6.4 0.23 5.7 0.20 4.6 0.24 5.3 0.18
Age Group-wise                
21 to 29 years 6.3 0.20 5.6 0.15 4.7 0.19 5.0 0.17
30 to 39 years 6.3 0.28 6.1 0.26 4.7 0.16 5.0 0.14
40 to 59 years 6.2 0.22 6.0 0.22 4.5 0.19 5.0 0.14
60 years and above 6.1 0.19 6.0 0.37 4.5 0.31 5.3 0.22

Table 11: One Year Ahead Median Inflation Expectations of Various Groups
  Jul-25 Sep-25 Nov-25 Jan-26
Estimate SE Estimate SE Estimate SE Estimate SE
Overall 7.9 0.25 7.6 0.23 6.1 0.22 6.2 0.22
Gender-wise                
Male 8.0 0.37 7.7 0.26 6.0 0.26 6.5 0.25
Female 7.6 0.26 7.7 0.37 6.2 0.27 6.1 0.29
Category-wise                
Salaried Employees 7.6 0.35 8.8 0.40 6.3 0.42 6.6 0.37
Self Employed 7.9 0.42 7.6 0.42 5.9 0.34 6.0 0.29
Homemakers 7.9 0.30 7.7 0.38 6.1 0.27 6.0 0.32
Retired Persons 8.9 1.02 8.0 0.77 7.1 1.09 7.7 1.09
Daily Workers 7.1 0.36 7.4 0.40 6.0 0.39 6.6 0.40
Others 7.8 0.42 8.0 0.47 6.7 0.40 7.4 0.57
Age Group-wise                
21 to 29 years 7.6 0.34 7.7 0.39 6.3 0.32 6.8 0.40
30 to 39 years 7.5 0.34 7.7 0.41 6.1 0.30 6.1 0.28
40 to 59 years 8.0 0.41 7.7 0.33 6.3 0.31 6.0 0.23
60 years and above 8.2 0.67 7.3 0.47 5.6 0.32 6.7 0.51

Table 12: Household Inflation Expectations – Current Perception and One Year Ahead Expectations
Survey Round Current Perception One Year ahead Expectation
Median Median
Estimate SE Estimate SE
Jan-25 7.0 0.19 9.6 0.24
Mar-25 6.6 0.23 9.3 0.23
May-25 6.3 0.17 8.9 0.19
Jul-25 5.8 0.08 7.9 0.25
Sep-25 5.9 0.13 7.6 0.23
Nov-25 4.6 0.12 6.1 0.22
Jan-26 5.1 0.09 6.2 0.22
Notes: The table provides estimates and standard errors (SE) for quantitative responses.

Table 13: Cross-tabulation of Number of Respondents by Current Inflation Perception and One Year Ahead Inflation Expectations: Jan-26
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
<1 585 83 83 69 44 45 29 4 1 3 14 - - 1 1 1 7 - 970
1-<2 99 47 237 57 30 18 3 1 - 1 - - - - - - 32 - 525
2-<3 196 30 84 248 216 94 19 9 4 4 6 1 - - - - 76 - 987
3-<4 174 8 24 72 220 147 82 18 7 5 5 - - - - - 62 7 831
4-<5 196 7 18 20 123 282 162 78 37 63 22 5 - 1 5 - 59 6 1084
5-<6 196 - 26 18 30 228 163 183 129 74 234 19 5 - 2 9 52 7 1375
6-<7 68 1 5 5 5 8 52 70 73 43 37 17 15 4 4 3 2 - 412
7-<8 30 1 2 1 3 8 - 67 37 66 75 13 20 6 7 7 1 5 349
8-<9 33 1 2 1 1 2 - 3 57 55 73 19 28 11 6 9 8 11 320
9-<10 78 3 2 1 6 9 1 2 9 112 136 60 42 23 72 25 35 8 624
10-<11 111 2 4 1 - 19 - 2 8 21 141 68 64 26 26 131 139 - 763
11-<12 17 - - - - - - - 1 - 2 9 6 4 5 11 5 7 67
12-<13 6 - - - 1 2 - - 1 - - 1 15 4 5 12 10 6 63
13-<14 3 - - - 2 - - - - - 1 - - 5 2 7 5 1 26
14-<15 9 1 - - 3 - - - - - 1 1 - 1 8 28 14 5 71
15-<16 14 - 1 - - 1 - - - 1 5 1 1 - 3 23 62 7 119
>=16 - - 1 - 3 7 - 1 - 3 21 - - - 2 7 278 - 323
Total 1815 184 489 493 687 870 511 438 364 451 773 214 196 86 148 273 847 70 8909

1 The rural consumer confidence survey covers both rural and semi-urban areas.

2 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 December 05, 2025.

3 CSI and FEI are compiled with the net responses on five survey parameters viz., general economic situation, employment, income, price level and spending, for the current period (as compared with one year ago) and a year ahead, respectively. CSI and FEI = 100 + Average of Net Responses of the above parameters.

4 Unit-level data for previous rounds of the survey are available on the Bank’s ‘Database on Indian Economy’ (DBIE) portal (weblink: https://data.rbi.org.in/DBIE/#/dbie/home) under the head ‘Unit-level Data’.

5 ‘Net response’ is the difference between the percentage of respondents reporting optimism and those reporting pessimisms. It ranges between -100 and 100. Any value greater than zero indicates expansion/ optimism and values less than zero indicate contraction/ pessimism.