RBI Launches Key Surveys Ahead of October Monetary Policy Review

The Reserve Bank of India (RBI) has initiated three major household surveys to strengthen its assessment of inflation expectations and consumer sentiment ahead of the upcoming October Monetary Policy Committee (MPC) review. The surveys are aimed at providing evidence-based inputs for monetary policy formulation and economic decision-making.

The September round of the Inflation Expectations Survey of Households (IESH) is being conducted across 19 cities. It will capture households’ perceptions of current price movements and their expectations regarding inflation over the next three months and one year. The survey also seeks information on price trends for goods and services based on individual consumption patterns.

Alongside this, the Urban Consumer Confidence Survey (UCCS) is being undertaken in 19 cities to assess household perceptions regarding the broader economic situation, employment conditions, prices, income and spending. The Rural Consumer Confidence Survey (RCCS) extends this assessment across 31 States and Union Territories, providing a wider picture of economic sentiment among rural households.

The RBI is using these surveys to strengthen its data-driven policy framework, enabling policymakers to better understand how households perceive inflation and economic conditions. The findings can contribute to the assessment of demand conditions, inflation expectations and consumer behaviour during the monetary policy process.

The surveys also underline the importance of inclusive economic monitoring, as both urban and rural perspectives are incorporated into the central bank’s policy assessment. The inputs are expected to support the RBI’s ongoing efforts to maintain macroeconomic stability, price stability and sustainable economic growth.

The initiative comes ahead of the RBI’s October MPC meeting, making the survey findings an important component of the broader economic information available to policymakers.