Results of Inflation Expectations Survey

According to Ipsos survey, the financial sector expects that inflation will measure 8.0% in December 2023, unchanged for the third consecutive month, while Bloomberg January survey reported lower one-year ahead inflation expectations of 7.1%.

Short-term inflation expectations of corporates (one-year ahead) stabilised in the last four months around 10.0%, this being precisely their level in the December survey.

Two- and three-year ahead inflation expectations of both financial and corporate sector are lower than short-term expectations. Medium-term expectations of the financial sector stayed unchanged relative to the previous survey, measuring 5.0% for two years ahead, while three-year ahead expectations kept moving within the NBS target band, at 4.0%. Corporates expect inflation at the level of 5% for both periods, with two-year ahead expectations declining from the 7.0% reported in November.   

Results of the survey for two and three years ahead might indicate that both financial and corporate sector expect the waning of inflationary pressures in the coming period and the gradual return of inflation within the target tolerance band in the medium run.

For the purpose of transparent communication with the public, since May 2015 the NBS has been publishing regular monthly reports on inflation expectations of the financial sector, corporate sector, trade unions and households. The Report on the Results of the Inflation Expectations Survey and the accompanying materials (time series, methodology and the survey questionnaire) can be accessed on the NBS website, section Publications.

Governor's Office