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 December, it was 0.5% higher.

Average over the next three or five years