Perceived inflation over the previous 12 months continued to rise, with the median rate now standing at 9.9%. Inflation expectations remained well below the perceived past inflation rate, particularly at the medium-term horizon of three years. Median expectations for inflation over the next 12 months increased from 5.1% to 5.4%, while expectations for inflation three years ahead were unchanged at 3.0%. Uncertainty about inflation 12 months ahead edged up, remaining well above the level that prevailed before the start of the war in Ukraine. Consumers’ inflation perceptions and expectations were closely aligned across ... (full story)