On Wednesday, the Reserve Bank of India announced the launch of the latest round of households’ surveys. These are the household surveys that intend to capture inflation expectations and consumer confidence which in turn will provide useful inputs for its monetary policy.
The Reserve Bank of India conducts these surveys on a regular basis. While launching the May 2021 round of Inflation Expectations Survey of Households (IESH), the Reserve Bank of India said that the aim is to capture subjective assessments on rice movements and inflation. This will be in consideration of approx. 6,000 households, based on their consumption baskets, across 18 cities.
Obtaining qualitative responses from households on price changes both general prices as well as prices of specific product groups in three months ahead as well as in the one year ahead period is what this survey seeks.
Following are the cities included in this survey:
Bhubaneswar, Chandigarh, Delhi, Guwahati, Ahmedabad, Bengaluru, and Bhopal.
Approximately, 5,400 respondents across 13 cities, including Ahmedabad, Bengaluru, Bhopal, Chennai, Kolkata, Lucknow, Mumbai, and Thiruvananthapuram will be covered in the May 2021 round of the Consumer Confidence Survey (CCS).
Qualitative responses from the households on the following is what CCS seeks:
- economic situation,
- employment scenario,
- price level,
- households’ income and
In the wake of the pandemic, these surveys will be conducted by the agency roped in by the RBI over telephonic conversations only.
The date for the next meeting of the rate-setting monetary policy committee is scheduled for 2 June 2021 to 4 June 2021.