Chart 24 Inflation expectations in the Survey of Monetary Analysts (left: pooled probability distribution; right: average probability)  Sources: March 2022 Survey of Monetary Analysts (SMA) and February 2022 SMA. Notes: Left side – maximum number of respondents is 23 for March 2022 SMA and 22 for February 2022 SMA. Grey area denotes the median.
Right side – number of respondents for March 2022 SMA is 21. Chart 25 Euro area long-term HICP inflation expectations: Survey of Professional Forecasters (x-axis: annual percentage changes; y-axis: percentages of respondents)  Source: ECB Survey of Professional Forecasters. Notes: Respondents are asked to report their point forecasts and to separately assign probabilities to different ranges of outcomes.