RBI Launches 3 Key Surveys Ahead Of August MPC Meeting

The Reserve Bank of India (RBI) has begun the July 2026 rounds of three key household surveys that feed into its monetary policy assessment.

These include the Inflation Expectations Survey of Households, the Rural Consumer Confidence Survey and the Urban Consumer Confidence Survey.

The central bank said the findings will serve as inputs for monetary policy formulation ahead of the next MPC meeting in early August.

What Will The RBI's Inflation Expectations Survey Measure?

The Inflation Expectations Survey of Households will be carried out across 19 cities during the July 2026 round. It collects households' assessment of current inflation, changes in prices and their expectations for the next three months and one year, based on their own consumption patterns.

Participants will be asked about changes in overall prices as well as the prices of specific product categories over the next three months and one year.

Besides qualitative feedback, the survey will also gather numerical estimates of current inflation and households' expectations for inflation over the same time horizons.

The RBI said the responses are based on each household's own consumption basket, reflecting differences in spending patterns across respondents.

What Do The Consumer Confidence Surveys Cover?

The RBI has also begun the latest rounds of its Rural Consumer Confidence Survey and Urban Consumer Confidence Survey.

• The rural survey spans households across rural and semi-urban areas in 31 states and Union Territories.

• Households will answer questions on jobs, prices, income and day-to-day spending. They will also be asked whether they expect these conditions to improve, worsen or remain unchanged over the coming year.

• The Urban Consumer Confidence Survey will be conducted in 19 cities, including Ahmedabad, Bengaluru, Chandigarh, Chennai, Delhi, Mumbai and Thiruvananthapuram.

The survey asks households about the economy, employment, prices, income and spending, along with their expectations over the next year.

How Will The RBI Use These Survey Findings?

The RBI said the findings from these surveys will be used as inputs for monetary policy formulation. The July round comes ahead of the next meeting of the Monetary Policy Committee, which is scheduled for 3-5 August 2026.

Along with inflation and other macroeconomic data, the central bank reviews feedback from these surveys while assessing economic conditions. The policy decision and the RBI's updated assessment of inflation and growth will be announced after the three-day meeting.

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