Mumbai: The Reserve Bank of India (RBI) has announced the introduction of two crucial surveys, namely the ‘Inflation Expectations Survey of Households’ and the ‘Consumer Confidence Survey,’ aimed at gathering essential data for the upcoming bi-monthly monetary policy. The next monetary policy review is scheduled to take place from December 6-8.
The ‘Inflation Expectations Survey of Households’ is designed to capture subjective assessments on price movements and inflation. It will gather data based on individual consumption baskets in 19 cities, including Ahmedabad, Bengaluru, Bhopal, Bhubaneswar, Chandigarh, Chennai, Delhi, Guwahati, Hyderabad, Jaipur, Jammu, Kolkata, Lucknow, Mumbai, Nagpur, Patna, Raipur, Ranchi, and Thiruvananthapuram.
In a press release, RBI said the survey will solicit qualitative responses from households regarding anticipated price changes, both general prices and specific product groups, for the next three months as well as the one-year period ahead. Additionally, it will collect quantitative responses on current inflation rates, as well as inflation rates expected in the next three months and one year. The survey results are expected to provide valuable insights for shaping monetary policy decisions.
Simultaneously, the ‘Consumer Confidence Survey’ will seek qualitative feedback from households, focusing on their sentiments concerning the general economic situation, employment prospects, price levels, household income, and spending patterns. This survey, conducted regularly in the same 19 cities mentioned earlier, aims to gauge public sentiment on various economic factors. The findings from both surveys are anticipated to offer significant inputs to inform the RBI’s monetary policy strategies.
The RBI has emphasized that the outcomes of these surveys will play a vital role in shaping future monetary policy decisions, underscoring the importance of accurate and timely data in the formulation of effective economic policies.
