The Reserve Bank of India (RBI)’s household inflation expectations survey revealed that households expect inflation to increase by 20 basis points (bps) for the next three months and 10 bps for the next one year.

The Reserve Bank of India (RBI) seal is pictured on a gate outside the RBI headquarters in Mumbai.(Reuters)

The survey was conducted from May 2 to 11 in 19 major cities, with responses from 5,943 urban households. Female respondents accounted for 52.6% of this sample.

3.6 Crore Indians visited in a single day choosing us as India’s undisputed platform for General Election Results. Explore the latest updates here!

Also Read | RBI keeps repo rate unchanged at 6.5%: Top announcements by Shaktikanta Das

A higher share of respondents expected prices and inflation to rise for all major product groups, with self-employed respondents expecting the highest level of inflation, according to the RBI’s press release.

The RBI’s Consumer confidence survey also showed that consumers expected a higher rise in overall spending, including both essential and non-essential spending over the next one year.

Also Read | Top 10 things to know about the stock market today: RBI MPC, election results

The consumer confidence survey shows the current sentiments of the public on the state of the economy.

The CSI (Current situation index), highlighting the current sentiments dropped to 97.1 in May from 98.5 two months back. The FEI (Future expectations index) also reduced to 124.8 in May from 125.2 earlier, indicating a slight increase in pessimism towards the state of the economy.

Consumer confidence declined marginally due to “relatively tempered sentiments on the general economic situation and employment prospects,” according to the RBI’s press statement.

Also Read | Compounding India to prosperity in new term

Disclaimer: This report is auto-generated from other news portal services. Realtimeindia holds no responsibility for its content.