Households’ expectations for inflation often deviate from the officially recorded inflation rates. As part of the Bundesbank Invited Speakers Series, Michael Weber, Associate Professor of Finance at the University of Chicago Booth School of Business, expressed his view that the public’s perceptions are chiefly shaped by their shopping experiences or their family and friends rather than by classic media. He went on to discuss with Bundesbank President Joachim Nagel what this means for central bank communication and monetary policy. The panel was moderated by Falko Fecht, Head of the Bundesbank’s Research Centre.