The 'Inflation Expectations Survey of Households', however, noted that the respondents' perception of current inflation and expectation for inflation over the next three months were, however, a shade lower than that in the previous round of the survey.

"Households' median inflation expectations remained elevated for both three months and one year ahead periods," it said.

More households expect general inflation to increase over the three months and one year ahead periods, but the share of respondents expecting higher food inflation over the next quarter declined in comparison with that in July 2020, the survey showed.

Around 81.6 per cent respondents felt that prices will increase over the next three months and 84.8 per cent households said that prices would continue to increase over the next one year.