Sentiments sour

It is quite possible that the controls on export of wheat and sugar could have caused the sentiments in general and expectations in particular to sour in recent times

Something snapped in the week ended May 29, 2022. The Index of Consumer Sentiments (ICS) tanked by 9.4 per cent. This is an unusually sharp fall. Sentiments fell across urban and rural regions, but with varying intensity. The ICS fell by 5.9 per cent in urban regions and by a much steeper 11.4 per cent in rural regions. The 30-day moving average as of May 29 dropped to 67.91 (base 100 in September-December 2015). It was 68.09 just a day earlier.

The ICS had closed April 2022 at 67.2. As of May 29, it was still a per cent higher. The