durables

Mr Gupta also found that while borrowing for consumption - credit cards, consumer durables, weddings, health emergencies, for example - makes up less than 20% of total household debt, it was the fastest-growing segment.

Besides cash loans, the company offers installment loans to buy motorbikes and consumer durables.

Dr. Kahn noted that companies that make what are known in economics as “durables” need to give consumers a reason to replace their products.

Those were offset by a rise in the cost of other less-volatile goods, particularly housing, durables — items such as appliances, electronics and jewelry — and vehicles.

“It seems unlikely that durables inflation will continue to contribute importantly over time to overall inflation,” he said.