The Reserve Bank of India (RBI) on Monday announced the launch of the latest 'Inflation Expectations Survey of Households' across 18 cities aimed at capturing subjective assessments on price movements.
The survey for March 2017 will cover around 5,500 households, based on their individual consumption baskets, across cities like Ahmedabad, Bengaluru, Bhopal, Bhubaneswar, Chandigarh, Chennai, Delhi and Jaipur.
The RBI has been regularly conducting the survey on inflation which provides "useful policy information".
"The survey seeks qualitative responses from households on price changes (general prices as well as prices of specific product groups) in the three months ahead as well as in the one year ahead period and quantitative responses on current, three-month ahead and one-year ahead inflation rates," the RBI said.
The central bank also announced the launch of Consumer Confidence Survey (CCS) for March 2017.
This survey aims at capturing subjective assessments of around 5,400 respondents across six metropolitan cities — Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai and New Delhi.
"The survey seeks qualitative responses on questions pertaining to economic conditions, income, spending, perceptions on prices, employment prospects," it said.
The RBI factors in the result of the surveys while framing its monetary policy.
Mumbai-based Hansa Research Group has been engaged to conduct the field work of the two surveys on behalf of the RBI.