Economics
Indians Brace for High Inflation as They Curb Spending
- Consumer confidence plummets to record low level: survey
- Retail inflation has been above 6% upper limit of RBI’s range
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Consumers in India expect inflation to remain high over the next year, further hindering their ability to spend at a time when confidence is at a record low because of job losses and wage cuts.
Households’ median inflation expectations over a one-year period remained elevated at 10.3%, according to the latest survey from the Reserve Bank of India. A separate study showed consumer confidence, as measured by the current situation index, falling to an all-time low of 49.9 in September.