^{a} Expectations for the next twelve months. Calculated on the basis of gross returns. For an explanation of the calculation see Appendix 1 in Inflation Report No. 5, July–December 1999. Since January 2004 various changes were introduced in the method of calculating inflation expectations: seasonal factors in the CPI are taken into account, price changes that have taken place but have not been published are incorporated fully, and the calculation is on a continuous basis. A more detailed account of the method of calculation is due to appear shortly in the Discussion Paper series of the Monetary Department. |

^{b} Based on the return on Shahar bonds, or on Galil or Sagi bonds for equivalent periods. |

^{c} Simple arithmetic mean of the inflation forecasts of the commercial banks and economic consultancy companies that publish their forecasts on a regular basis. |

^{d} The percentage change in the level in the current month compared with the level in the equivalent month in the previous year. |

^{e} Money supply data are preliminary data. |

^{f} Average inflation expectations over previous thirty days |