In May, this number was 4.9%, which is only slightly lower than the 5.3% that households in Germany are expecting on average over the next five years. One year ago, if calculated in this way, average expected inflation for the period between two and five years was 4%, so the number has gone up by about one percentage point.
7  Public investment in the euro area was 3.2% of GDP for 1995-2005 compared with 2.6% projected for 2016, while private investment in the euro area was 18.7% of GDP for 1995-2005 compared with 17.3% projected for 2016. See European Commission, Annual Macroeconomic Database, 2015. BIS central bankers’ speeches  3  The same logic applies to EMU.