Households’ Inflation Expectations Survey

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প্ৰকাশ কৰা তাৰিখ ডিচেম্বৰ 08, 2021

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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].

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)].

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).