The IMF, ECB Survey of Professional Forecasters (SPF), Consensus Economics, Euro Zone Barometer, OECD and European Commission have also systematically overpredicted both headline and core inflation at all horizons, especially since the second quarter of 2012.
BIS central bankers’ speeches  5  Figure 3  However, as policy makers we need more than just good inflation forecasts: we also need to understand the inflation process in order to better assess the role of monetary policy.