Consumer Confidence Index

Monthly consumer confidence index from market research firm GfK rose to -17 in December from -18 in November, the highest reading since August

More respondents see inflation rise over one year

While the economy is expected to slow this year as a result of the cumulative impact of 525 basis points worth of interest rate hikes from the Federal Reserve since March 2022 to tame inflation

The 'future expectations index', which judges consumer sentiment for the upcoming 12 months, also improved to its highest since mid-2019, the survey showed

The results of the September 2023 round of its bi-monthly survey were released alongside the monetary policy review

The Reserve Bank of India conducts Consumer Confidence Survey (CCS) and Industrial Outlook Survey (IOS) to make such informed expectations

The survey also covered employment scenarios, overall price situation and own income and spending from 5,387 households across these cities

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The findings are based on an Ipsos online poll conducted September 4, 2021 - October 8, 2021

The reasons for the pessimism were deteriorating sentiments on general economic situation, income and prices, the RBI said. The current situation index had hit a record low of 49.9 in September

Consumers reported sharp cuts in discretionary spending and also do not expect much improvement in the coming year, the RBI survey said

The drop coincides with a deepening slowdown in Asia's third-largest economy and increased worries about employment

Rise in fuel prices, crumbling stock market, trade wars between the US and China, financial scams in repayment for large banks, have all had a domino effect and led to drop in overall consumer sentime

India's index slips six points on inflation and monsoon worries

At 134, India's score is the highest since the first half of 2007, when it was 135