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The Reserve Bank of India (RBI) in its bi-monthly consumer confidence survey (CCS) has showed that consumer confidence for the September reverted to its recovery path after a brief pause in July 2023 round of the survey. The current situation index (CSI) reached a four-year high on the back of respondents' better assessment of current general economic situation and employment conditions in September 2023.

As per the report, general economic outlook as well as the prospects for employment, income and spending are expected to improve further over the next one year. The future expectations index (FEI) also reached a four-year high in the latest survey round. Households remain highly optimistic on future earnings even though their sentiment on current earnings remained around its July 2023 level. 

RBI survey report further noted that respondents were less pessimistic on prevailing price levels and inflation, when compared to a year ago. Though price expectations for the year ahead remain negative, respondents’ pessimism on this front has moderated in the latest survey round.