Variants for calculating averages

Since the launch of the surveys in 2020, only responses between − 12 % and + 12 % have been taken into account when calculating the mean and median inflation expectations. Whilst inflation rates of more than 12 % were fairly unlikely until recently, they could no longer be classified as “extreme” values in the current environment. The following chart shows another indicator that factors in responses between − 24 % and + 24 %. Since February 2022, the average calculated in this way has been consistently above the previous indicator.

Average over the next three or five years