The Expected Rate of Inflation Derived from Various Sources (Periodic average, percent)

 

 

Date

Calculated from capital market1

Average of the inflation forecasts for the 12 months ahead4

One-year inflation expectations derived from internal interest rates5

One-year expectations derived from inflation contracts7

For the first year

For the second year

(forward)

For the third year (forward)

For years 3–5 (forward)2

For five years

For years 5–10 (forward)3

Annual data:

 

 

 

 

 

 

 

 

 

2010

2.6

2.8

2.9

3.0

2.9

2.5

2.7

2.7

 

2011

2.5

2.7

3.0

2.9

2.8

2.4

2.8

2.7

 

2012

2.1

2.7

3.0

2.6

2.6

2.3

2.3

2.1

2.1

2013

1.7

2.4

2.6

2.4

2.3

2.4

1.8

1.6

1.7

2014

1.2

1.8

2.2

2.0

1.8

2.3

1.3

1.0

1.2

2015

0.6

1.3

1.4

1.6

1.3

2.0

0.8

0.4

0.4

2016

0.2

0.8

1.1

1.4

1.0

2.2

0.6

0.1

0.1

2017

0.2

0.7

1.1

1.5

1.0

2.1

0.6

0.3

0.3

2018

1.0

1.2

1.5

1.6

1.4

1.9

1.0

0.7

0.9

2019

1.1

1.4

1.5

1.6

1.5

1.7

1.2

0.9

1.1

Monthly data:

 

 

 

 

 

 

 

 

 

2019

 

 

 

 

 

 

 

 

 

January

1.0

1.5

1.6

1.6

1.4

1.7

1.1

0.9

1.1

February

1.1

1.4

1.6

1.6

1.5

1.8

1.2

0.9

1.1

March

1.1

1.5

1.6

1.7

1.5

1.8

1.2

0.9

1.1

April

1.1

1.6

1.6

1.7

1.6

1.8

1.3

1.0

1.3

May

1.3

1.4

1.6

1.7

1.5

1.8

1.3

1.0

1.3

June

1.4

1.5

1.7

1.7

1.6

1.8

1.3

0.9

1.3

July

1.3

1.5

1.6

1.7

1.6

1.8

1.2

0.9

1.1

August

1.0

1.2

1.4

1.6

1.4

1.7

1.2

0.9

1.0

September

1.1

1.4

1.5

1.5

1.4

1.7

1.2

0.8

1.0

October

1.0

1.4

1.5

1.6

1.4

1.7

1.2

0.8

1.0

November

0.9

1.3

1.4

1.6

1.4

1.6

1.2

0.8

1.0

December

0.8

1.2

1.3

1.5

1.3

1.6

1.1

0.7

0.8

2020

 

 

 

 

 

 

 

 

 

January

1.0

1.3

1.4

1.5

1.4

1.6

1.1

0.7

0.8

February

1.0

1.3

1.3

1.5

1.3

1.5

1.0

0.7

0.8

Current data6

0.4

1.0

1.2

1.4

1.1

1.6

0.6

0.6

0.6

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