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RBI Introduces Surveys to Enhance Monetary Policy Decision-Making

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The Reserve Bank of India (RBI) has introduced two new surveys, the ‘Inflation Expectations Survey of Households’ and the ‘Consumer Confidence Survey’, aimed at gathering crucial data for its upcoming bi-monthly monetary policy review scheduled for June 5-7, 2024.

The ‘Inflation Expectations Survey of Households’ is designed to gather subjective opinions on price movements and inflation, tailored to individual consumption patterns, across 19 cities including Guwahati, Hyderabad, Jaipur, Kolkata, Lucknow, and Thiruvananthapuram, as stated by the RBI. This survey seeks qualitative feedback from households on anticipated price changes over the next three months and one year, along with quantitative data on current, three-month ahead, and one-year ahead inflation rates.

Similarly, the ‘Consumer Confidence Survey’ solicits qualitative responses from households regarding their outlook on the general economic climate, employment prospects, price levels, household income, and spending habits. This survey is also conducted across 19 cities, including Ahmedabad, Bengaluru, Bhopal, Bhubaneswar, Chandigarh, Chennai, and Delhi.

Both surveys are expected to yield valuable insights for shaping monetary policy decisions, according to the RBI.