Firms´ inflation expectations

Expectations of firms in Germany regarding the inflation rate in the next twelve months'

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 can no longer be classified as obviously “extreme” values in the current environment. The following chart therefore 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; in September, it was 0.7% higher. The median, by contrast, is almost identical.

Expectations of firms in Germany regarding the inflation rate – next twelve months (mean)

Average over the next three or five years

Expectations of firms in Germany regarding the inflation rate – next three years (mean)

Expectations of firms in Germany regarding the inflation rate – next five years (mean)