Households Forecast Prices to Rise
NBP data: In February 2012, inflation expectations of individuals were slightly down on the month before.
According to the monthly NBP release announced on 29 February 2012, the average inflation rate as expected by consumers in February over the next 12 months stood at 5.0%, i.e. 0.2 percentage point lower than in January.
At the time of the survey, the actual December CPI inflation index had already been posted; it amounted to 4.6% and was 0.2 percentage point lower than in November.
The structure of the February responses was also slightly improved. The percentage of the public claiming that prices will rise faster than recently had fallen from 31.0% in January to 29.9%, and the percentage of the respondents believing price growth to continue at the current rate had risen from 43.5% to 46.8%. At the same time, slightly fewer respondents expected price growth to decelerate (13.6%), while slightly more believed prices would remain stable (3.4%).
The National Bank of Poland surveys, on a monthly basis, inflation expectations of private individuals as well as entrepreneurs, financial analysts and professional forecasters. They are one of the inputs to the monetary policy decision-making process.
See also: inflation expectations of individuals, February 2012