Today, the Reserve Bank released the results of November 2025 round of its bi-monthly inflation expectations survey of households (IESH)^{1 2}. The survey was conducted during November 1-10, 2025, in 19 major cities, with 6,061 responses.

Highlights:

1. Households' perception of the current median inflation declined significantly by 80 basis points (bps) to 6.6 per cent in comparison to the previous round. Alongside, their inflation expectations for the next three months and one year ahead also experienced notable softening by 50 bps and 70 bps to 7.6 per cent and 8.0 per cent respectively [Charts 1a and 1b; Table 3].

2. For both short term and one year ahead periods, the shares of respondents anticipating rise in both general prices and inflation maintained its declining trend [Tables 1(a) and 1(b)].

3. Households reported easing of price and inflationary pressures in most of the product groups including food products, non-food products, and cost of services for both the time horizons [Tables 1(a) and 1(b)].

Note: Please see the excel file for time series data³

¹ The survey is conducted at bi-monthly intervals by the Reserve Bank; it provides directional information on near-term inflationary pressures as expected by respondents and may reflect their own consumption patterns. Hence, survey results reflect respondents’ views, which are not necessarily shared by the Reserve Bank.

² All estimates of inflation expectations are given in terms of median, unless stated otherwise.

³ Results of the previous survey round were released on the Bank’s website on October 01, 2025. Unit-level data for previous rounds of the survey are available on the Bank’s ‘Database on Indian Economy’ (DBIE) portal (weblink: https://data.rbi.org.in/DBIE/#/dbie/home) under the head ‘Unit-level Data’.